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No. of Recommendations: 2
ppant: I appreciate your perspective but the double digit growth rate in value creation in the last few years does not justify a multiple of 1.2, in my opinion.

You're right about the relatively poor capital allocation in the last few years, but the effect of that have not shown up in the numbers (yet?).

If this growth in value creation has been achieved despite the missteps and despite the relatively hostile environment for value stocks (which Berkshire generally favors), what would the growth rate (and consequently, the likely multiple to book value) be if the missteps are not repeated (perhaps, due to mean reversion) and in a more favorable environment for value stocks?

Thanks for your insights. I'm a fan of your work. :-)
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