Subject: Re: Hopes, for Greg’s first letter?
Are you reading the proposals of others here pal? Would a tender at 525 or higher be at, material discounts to IV at this time?

If you estimate IV with publicly available data using the method Mr. Buffett himself laid out, a tender at $525 or higher would NOT be at a material discount to IV at this time. On Saturday we can revise our estimates, but don't get too excited. I doubt that IV went up 20% in 2025Q4...