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P/B has been lower than this almost half the time in the last 16 months
...
Buffett has advised to move away from the PB ratio based evaluation model.


Forgive me for having such nerve as to disobey!

As it happens I don't value Berkshire based on price-to-book, but it's still just find as a metric for discussion purposes.
Yes, buybacks change the meaning of any given price to book valuation level, but it likely won't be a material difference for many years.
My calculation shows a difference so far as a shift of 0.41%.
i.e., a given numerical P/B ratio of X is now a valuation multiple about 0.41% cheaper than that numerical P/B of X used to be.
If you think that magnitude of change invalidates anything I said, do let me know.

There are many other factors that are much more important to worry about.
Tax rates, inflation, rates on cash and bond holdings, likely ROIIC, cyclical adjustment of equity holding prices, and so forth.
And all of those involve estimating the future, which hasn't happened yet.

Jim
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