Subject: Re: Buffett interview 2019. BRK vs SPY
FWIW, SPY's multiple was 21.xx then. Now > 26.

With a cyclical smoothing adjustment to the earnings I estimate the change is much smaller.
I figure the S&P has been getting more expensive less than 1%/year in this stretch.

But that just moves the problem a bit...it has been several years now, but profits can't rise 3%/year faster than sales other than temporarily.
It would take a LOT of smoothing for the recent upswing in net margins to get filtered out!

Jim