2. In the year year 2000, Berkshire was:
A) Not as cheap as today (1.4-1.5 times book vs 1.24 currently or
less depending on next the next quarterly report.)
B) Wound up more than doubling in price in less than 10 years.

One could make a fairly strong theoretical argument that Berkshire was quite undervalued at that starting point, too.
Had it been fairly valued it would not have returned more than other stocks or the so-called risk free rate!
By the same reasoning, BRK has been undervalued through most of its history.

Jim