FWIW, that's [the average repurchase in March] 1.56 times end year book....It's a "mere" 1.527 times Q1 book"

I get slightly different numbers using the equivalent A shares on p.47:

Start of Q1: $623,209.69 price/$389,372 BV = 1.601 repurchase price/start of quarter BV
End of Q1: $623,209.69 price/$397,627 BV = 1.567 repurchase price/end of quarter BV

Using the lower, 1.567 ratio and assuming that that represents a 5% discount to Buffett's estimated IV, then Buffett's estimated IV corresponds to 1.65 BV.
Using the lower, 1.567 ratio and assuming that that represents a 10% discount to Buffett's estimated IV, then Buffett's estimated IV corresponds to 1.74 BV.

Whatever the exact numbers are, March of 2024 was the highest repurchase price to BV yet paid (and Feb 2004 was the 2nd highest). Warren is telling us that his estimate of IV is greater than 1.65x BV, and possibly as high as 1.74x BV.

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