Still cheap at 4 year high Indeed!A pretty conservative medium term suggestion of what one might reasonably expect:Book value by mid 2015 (2.75 years hence) should be about equal to today's price,up around 25% in the 3 years since June 30 this year.At 1.5x book the price should then be around $200000, up 50% from here, or 15.6%/year compounded return based on 8.4%/year compounded book growth.The rates are more solid than the timeframe, which might be shorter orlonger depending on the particular set of years that the price crosses 1.5x.We haven't had one in a while.Jim
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