Subject: Re: IV
FWIW.

I use Schwab for my DAF.

I get a higher IV using what I believe is the same methodology.

Grove 1:
$196 (23.23 oper earnings (no insurance) + 0.95 retro insurance losses) times a PE of 17.5 which I base on a formula that uses the current 10 year treasury rate)
Grove 2:
$107 Net after tax value of equity holdings with small gain of 2.1% YTD added.
Grove 3:
$ 19 KHC, Oxy, Berkadia equity + Oxy preferred and Oxy warrants
Grove 4:
$165
Cash, Treasuries, including railroads plus small YTD add for retained earnings.
Grove 5:
$21 Many may not include this. Smoothed annual underwriting profits over 20+ years Times same 17.5 PE.

Total: $508

I anticipate operating earnings from non insurance will improve in 2025. Maybe insurance underwriting profits as well.