Subject: Re: MorningStar Valuation
Personally I think that P/IV was greater than 1.0 from late 2000 to late 2007, and below 1.0 from 2008 to 2021.,/I.

You may well be right. I recall WEB talking about almost doing a buyback in 2000. And I bought an A share for my birthday in early 2000 at $45,734. Wish all my birthday gifts turned out as well.