Subject: Re: IV/BV
"But some units have had falling profitability, so they are not obviously rising in value at all. Consider the railroad: though things will no doubt turn up at some point, the net earnings in the last many years is not pretty: four quarters after tax earnings are running 18% below their *lowest* level in the stretch 2019-Q2 through 2022-Q4."

I worry about BHE, which Buffett says has decreased in value, while its BV has not.