Subject: Re: Fair value?
If top paid price to book was 1.48, book value on B is 291.72, that gets us to 431.75

Continuing that sense of context on the share price---

The highest valuation at which Mr Buffet has ever done buybacks of B shares, per above, equates to about $431.75 today.

If the shares were trading at the average valuation level since 2008, they'd be trading at around $378-405 today. The range is from using various methods for valuation. $390ish, basically.

If growth in observable value per share in the next year were to come out at inflation + 7.5%, and inflation is (say) 3.1%, and the valuation multiple is like the post-'08 stretch, then one might expect a nominal price a year from now at around $419-449. (equal to a future price in today's dollars of around $407-435)

Today's price, $456.51, is above all of those. Enough that there is no particular reason to expect a good year for the stock price, but not so much that it calls out for action.

Jim