Jim-

Thank you for this highly informative chart.
Yes, as someone "wildly bullish" on BRK, the past price to book is something I would tag as "historic", not "normal".
I think Warren and Charlie were basically asleep the wheel the past 15 years.
They themselves acknowledge that after waiting for a fat pitch during the 2008 crisis they hit a solid double and not a Grand slam.
Their acquisitions over the past 15 years have been lukewarm warm at best.
Results would have been much better invested in stock buy backs or just buying the SPX.
And lets not forget the admission of"hands off management" because it best fit their lifestyle.
Per my previous posts, I continue to believe BRK represents a text book asymmetric trade with limited downside and unlimited upside.
We live in a world of $70,000 BTC and a EV car company trading at $1.5 Trillion and Walmart has a PE over 40.
I don't believe it takes a massive amount of imagination to see Berkshire trading at twice book multiplied by solidly increased earnings in the next 5 years based on the firm's economic performance, greater overall appreciation of what Berkshire is, what it represents, and the investment opportunity it offers with a hungry and yes, AGGRESSIVE CEO at the helm.
Whether successful or not, Abel has no intention of sitting idle as BRK lumbers to a 8-9% annual return.
This is a sleeping giant and Abel is about to wake it up from its "normal" sleep.