Hi,

These adjustments all seem perfectly reasonable to me. Hopefully ‘peak to date’ and ‘recent average’ will converge and solve the dilemma, but it seems possible that, as you say, we may not be able to count on those peaks for the utilities.

BTW, I reestablished a small (2%) position before markets opened this morning, primarily because I was very impressed by Buffett’s unBuffetonian slicing of the Apple stake in half, and perhaps even more since June 30, and his ongoing reduction in the BoA stake. Berkshire’s pre-market plunge of 4.5% in the context of the market’s 2.5% plunge (and AAPL’s 6% drop!) seems backwards, and I took advantage by buying some BRK at $409, well below the price I sold at after Q1 results. There may be opportunities to buy more at lower prices, but just in case!