2. In the year year 2000, Berkshire was:A) Not as cheap as today (1.4-1.5 times book vs 1.24 currently orless 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
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