Prices in today's dollars with CPI=305.11

I changed the smoothing method by a fraction of a percentage, nothing meaningful, but enough that the numbers won't quite match the old ones.

As before, first column is the smoothed rising value metric (average of two methods) ending on the date shown
second column is average market price in the quarter that the statements came out: the quarter starting with the date shown

2015-06-30   263182   261347
2015-09-30   268355   257476
2015-12-31   273919   255570
2016-03-31   279209   275768
2016-06-30   283980   278203
2016-09-30   288822   289389
2016-12-31   294788   316531
2017-03-31   300996   312442
2017-06-30   307357   329640
2017-09-30   313861   353776
2017-12-31   324728   379308
2018-03-31   334104   358167
2018-06-30   343529   374396
2018-09-30   354330   380498
2018-12-31   362169   366615
2019-03-31   370305   376305
2019-06-30   378719   370215
2019-09-30   388137   385432
2019-12-31   400034   374162
2020-03-31   408526   325629
2020-06-30   415968   363073
2020-09-30   424612   384286
2020-12-31   436704   428431
2021-03-31   448215   485169
2021-06-30   460578   478072
2021-09-30   471610   480047
2021-12-31   485372   527399
2022-03-31   497037   507287
2022-06-30   505649   447830
2022-09-30   513192   462031
2022-12-31   519807   478736
2023-03-31   525374   503397
2023-06-30   532316	

This smoothing method, by construction, reacts only slowly to a slowdown in the rate of growth of value.
The two valuation metrics that went into it are real book per share (up only 3.0%/year rate last two years) and my two-and-a-half-column method (up only 0.6%/year in the last two years).
A further slowdown in the smoothed metric is coming, as this slow stretch will be in the averages for a total of four years.

Jim

Berkshire Hathaway FAQ

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