I have a little theory that is in plain sight.

Charlie and Warren have been buying foreign currencies. Wesco has over $1 billion in cash that might be in foreign currencies. And stocks such as KO and G are probably on the low end of their valuations more or less......

With these issues in mind the price/book value is 1.34.....the PE is over 68??? just caught a quick glimpse.....when cash is to possibly come back into USD from abroad years will have passed without "earnings" so the PE is rubbish.....and the premium to book value is possibly not high enough.

Another way of comparing it, but on the same page, the Mcap is $2.9 billion while cash is over $1.1 billion....the equities holdings are over $1 billion? I did not check, but they are in that neighborhood........ so proportionally the price/book value is still somewhat low.

db