Berkshire - Trading when overvalued.xls

	A	B	C	E	G	H	I	J	K
1	Yearly Increase in Value of BRK-B and X:			8%
2
3		Book Value	Typical Price (1,4*BV)	Actual Price (Every 10 years Price=1,6xBV)	Scenario 1		Scenario 2
4	Year 1	250	350	400	400	Sell BRK-B, buy X	400	Sell BRK-B, buy X
5	Year 2	270	378	400	432		432
6	Year 3	292	408	400	467		467	Sell X => No. Of BRK-B shares:	1,17
7	Year 4	315	441	441	504		514
8	Year 5	340	476	476	544		555
9	Year 6	367	514	514	588		600
10	Year 7	397	555	555	635		648
11	Year 8	428	600	600	686		700
12	Year 9	463	648	648	740		756
13	Year 10	500	700	700	800		816
14	Year 11	540	756	864	864		1007	Sell BRK-B, buy X
15	Year 12	583	816	864	933		1088
16	Year 13	630	881	864	1007		1175	Sell X => No. Of BRK-B shares:	1,36
17	Year 14	680	952	952	1088		1295
18	Year 15	734	1028	1028	1175		1399
19	Year 16	793	1110	1110	1269		1510
20	Year 17	856	1199	1199	1370		1631
21	Year 18	925	1295	1295	1480		1762
22	Year 19	999	1399	1399	1598		1903
23	Year 20	1079	1510	1510	1726		2055
24	Year 21	1165	1631	1631	1864		2219
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