I am very sorry, but I again want to correct something. As longer I looked at the chart as more I wondered why it claims that last year Berkshire's share price was practically always 1.7 x Peak BV or more --- as we all know the multiple was not that high (apart from maybe very short stretches). I just found that the reason is the "Inflation adjustment of BV" I said does not matter for our purposes. Wrong! It does matter, as it has a distorting effect. Without that adjustment and the resulting distortion (and the now better fitting WMA16*1.6 instead of 1.7):

https://drive.google.com/file/d/1CQrM07aVXdn7hXAa7...

So the channel in which Berkshire's stock price moves is the range 1.2-1.55 x Peak BV --- as often said here. And last year it was not mostly at or even over 1.7 Peak BV, but at the upper limit of that range. We know that it was partly over 1.55 (1.65 or so?), but that is not visible because of the low resolution of the chart, with only one data point for each quarter.

Sorry for all the confusion. That happens if one is too quick with clicking on "Send".

Berkshire Hathaway FAQ

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