Subject: Thinking of BV multiple for BRK as a function of i
Assume we have perfect hindsight and we know that over the next 20-30-50-100 years BRK BV growth exactly matches S&P 500 total return performance. What is the fair book value multiple for BRK in this case?

Assume that both BRK and S&P 500 have similar risk profiles.

I would think it should be 1.0x BV in that case. In this line of thinking, any higher multiple of BV for BRK should be because of expectation that it would perform better than S&P 500.

Am I thinking about this correctly or do you see any issues?