Nevertheless, given that 1) during the earlier periods under consideration,investments accounted for a much higher proportion of calculated value than latter periods, 2) during the years surrounding the Great Bubble the relative price of those investments was far higher than currently, and 3) that what matters to us ultimately is value, rather than price......the growth in value over the past decade is even better than what your method calculates.This is certainly true.I don't think a lot of people appreciate that until the Gen Re acquisition,Berkshire's equity holdings as a percentage of book value was over 100%.Equities have gone from 126% of book at end 1995 to 48% now.The figure was around 65-70% in 1999 in one of the most bubbly years.Jim
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