Nice find here from John, a reader of the blog. Good one for the archives.

https://www.youtube.com/watch?v=2MHIcabnjrA&feature=youtu.be&t=4638

Mr. Buffett argues that it not realistic to value real estate holding companies at the grossed up price of their last fractional/marginal sale. Hard to disagree. What we are seeing now, in my opinion, is the market paying attention to the top and bottom lines of the income statement.