The cyclically adjusted price-to-earnings (CAPE) ratio is a valuation metric typically used to gauge whether entire stock market indexes are overvalued or undervalued. It was developed by Nobel-winning economist Robert Shiller during the dot-com bubble, so it is sometimes referred to as the Shiller P/E ratio.

According to a regulatory filing late Monday, Berkshire Hathaway sold approximately 1.64 million shares of DaVita Inc. on July 31, at an average price of $140.61 per share, totaling around $230 million,