Subject: Re: Berkshire's stock price
do you recall what year it was when the SEC wanted brk to mark to market its ibm position, and Buffett was opposed to marking?

Was that perhaps the discussion of how to book the ConocoPhillips position, rather than IBM?

If so, the issue there was not whether it should be marked to market or not--it was. Rather, the question was which line it should be booked on.
A hit to current income, or a reduction in accrued other comprehensive income.
Both methods result in the same book per share, and both use the market price as the valuation. They had different connotations about impairment being permanent.

Jim