Subject: Re: Price to Book has been a quick, sim...
"And we both also probably agree that the reason [for the abrupt changes in the rate of growth of BV in 1981 and 1999] was 1970s Berkshire was structurally very different than 2000s Berkshire, the amount of money under management being a big part."

It looks to me like the abrupt changes in the rate of BV growth in '81 and '99 were a result of the abrupt changes in the rate of growth of the S&P 500 index in '81 and '99.