No. of Recommendations: 6
"Yes, it's true that value has tracked a multiple of book very closely over very long periods."
A constant P/B is not required by the mode.
"And yes, it's true that inflation-adjusted book per share has risen at a shockingly steady rate on trend since (say) 1998."
A steady rate of increase of BV is not required by the mode.
I like and admire you, Jim, but you keep insisting that I am saying something that I am not saying. I am not talking about rate of growth of BV or stock price. I am not talking about constancy, or lack thereof, of P/BV. I'm just talking about price versus BV.
