Subject: Re: IV/BV
"I basically assume that it's flat--fair P/B isn't changing--and certainly I see no evidence that fair P/B is rising."

Interesting. That's why we post... to see what other people think. Even I think that IV/BV has increased only little, about 0.6% per year, over the last 25 years, as compared to 10.4% per year for BV itself. Thank you, Jim, for your input, and for your patience.

Sincerely,
rrr13245