Subject: Re: Value Trend
Theoretically speaking, why would one look at alleged overvaluation of the S & P 500, if BRK does not hold the S & P 500? We can determine the P/E of almost all of BRK's public holdings directly, if we're worried about how forward returns are affected by present P/E.

If there is some empirical claim that the relationship nevertheless has value, I'm not seeing it.