Subject: Re: The good old days ...
... when we longed for the market to recognize that BRK was undervalued.
Now, since we all firmly believe in the value of a share, as opposed to its price, what to do when BRK is overvalued?

The deeper irony is that current multiples are levels that we would once have considered low, and buying opportunities, prior to the credit crunch.
The average P/B 2000-2007 inclusive was 1.654

And the business results since then are pretty similar, so the falling valuations are nothing to do with worse results. The step change in Berkshire's rate of value creation was in 1998--it has been remarkably constant since then.

Jim