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No. of Recommendations: 6
My few thoughts.

1) Updated groves. Only groves requiring a small amount of judgement are Groves 1 & 3 for a fair P/E ratio. Grove 3 is immaterial in size and can be approximated by carrying value, which I believe slightly understated value.

At a P/E of 15 I get $295 for IV.
At a P/E of 16.5 I get $307 IV.

Either way I feel it is safe to conclude IV is $295+. Likely $300 to $330 is arguable. Maybe 10% higher a year from now.

2) If the Morningstar analyst updates again and arrive at a a similar $255 IV, I would conclude he is useless.

3) Buffet appears to be doing buyback into the $240's.

So at what price do you think we will see a noticeable level of buybacks?

My guess is in the $260's for now.

I think we will travel back above $250 pretty early in March.
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