Subject: Re: Buybacks have begun
1 & 2 both for me are explained by Berkshire beeing seen as safe haven when the market gets more and more expensive and volatility increases. Many participants are then willing to pay more for Berkshire than at other times => Berkshire gets more expensive.

That Berkshire stays at the high end of itīs Price/BV range since quite some time now for me therefore is fully explained by this situation (markets very expensive, participants nervous) going on since a long time now.

As for your last argument: That Berkshire trades below IV is normal. When was Berkshire ever clearly undervalued (in 2000)?