What do you make of the distinct knees in the same, semi-log plot of BV/share versus time when one plots the data back to 1965? The knees occur at about 1979 and 1999. From 1965 to 1979 the slope is fairly constant at 15.6%/year: the slope is also fairly constant from 1979 to 1999 at 27.0%/year, and the slope is fairly constant from 1999 to 2023 at 10.3%/year. My suspicion is that BV/share is following the S&P 500, which has knees at about the same points in time as Berkshire's BV/share, but with Berkshire's BV/share having higher slopes in all three time periods. The slope of the S&P 500 index from 1965 to 1979 is 1.4%/year; from 1979 to 1999 it is 13.0%/year, and from 1999 to 2023 it is 6.1%/year. What are your thoughts?

Berkshire Hathaway FAQ

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