Subject: Re: Value, when to buy
"Unsurprisingly, the ratio of price to estimated value is a pretty good predictor of whether you're about to see unusually good or unusually bad price changes."

There has certainly been quite a bit of variation in price/value in the last five years. The ratio of price to known BV has ranged from 0.92 on 3/23/20 to 1.78 on 5/2/25, as the stock price rose from $239,440 to $805,883. If your table of forward returns applies for the next two years, then we can expect a total, real return of about -10.5% from the May 2 peak. In fact, we've already seen a -10.5% decline.