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The week's question
In March 2025, in the thread "Re: OT, out", Umm asked the members: "Do you think it is because America is made up of magical soil that makes businesses based in America magically profitable?" This week it is put to everyone again. The button below opens the small thread re-asking it - read what others have said so far, then give your own answer as an ordinary reply.
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Stocks A to Z / Stocks B / Berkshire Hathaway (BRK.A)
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Author: AdrianC ⎊✹  😊 😞
Number: of 22354 
Subject: OT: The bubble has not popped
Date: 01/11/23 3:49 PM
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Chart of Global Value Spreads from Cliff Asness:

aqr.com - The Bubble Has Not Popped

This post updates the value spread chronicled in our series of posts dating back to December 2021 with data through 12/31/2022. The fourth quarter of 2022 saw value recover from the bout of temporary insanity that gripped some portion of the market over the summer, but the spread ends 2022 very much still in rarified territory ' at the 94th percentile, to be precise. More excitingly for 2023, value's returns in 2022 were extremely strong, and the spread only moved from roughly the 100th percentile to the 94th. I will say again that a massive valuation dislocation says very little about the timing of when it truly falls back to earth, but we're very optimistic about the prospects of continued normalization in 2023 and beyond. Like in 2022, there's sure to be nasty reversals along the way, but as Wile E. Coyote always finds out, gravity is inescapable.
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This community has written 21,861 posts about Berkshire Hathaway. The article-length ones it recommended most:
BRK: Why Not XOM? · 62 recs · 2024
Second quarter comments · 60 recs · 2023
Berkshire's Profit Contributors · 58 recs · 2023
Summary of 2Q 2026 · 55 recs · 2026
3Q Summary · 53 recs · 2024
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