Subject: Re: Jim's 'annuitization'
' Cost averaging on the way down makes as much sense as cost averaging on the way up.'

I certainly cannot argue with this philosophy However, just like many of us have squeezed an extra 1-2% out of total Berkshire returns buying when it is cheap, I would like to think that we could potentially do this when we sell, and it is relatively highly priced relative to its norm since 2008. For instance, the price spread over the last 52 weeks has been 260-373! Between our judgment, the price to book charts, and Jim's generous data and guidance, I would think one could potentially time sales when it is more richly valued than average, like about a week ago when BRK was priced in its top decile of its P/B range.

Maybe the theory is better than the practice, but I am going to at least try to time my sales (be they less frequent)when it is priced in its higher than normal range. It seems like it would not take a lot of time or effort to follow this strategy.