Subject: Re: Repurchases vs. other stocks
Didn't Buffett once outline that the universe of stocks with floatations large enough for Berkshire to purchase a sizeable amount but not affect the share price was rather small.

Maybe 40-80 in the S&P 500 and another 100 globally?

I might be mis-remembering this.



He most often states how few opportunities will "move the needle" at Berkshire, here he's talking about the universe of large enough companies.

He's been recently outlining how amazing it is that we've been able to buy so much OXY stock so quickly without affecting the price - this is because of the amount of trading in and out of the stock that happens. I wonder if he didn't say to his buyer "buy up to X% of OXY without affecting the price" and it happened way faster then Buffett expected.

When he talks about Berkshire repurchases, he knows he can't buy as much stock because of how little people trade in and out of it, and how much is owned for the long term.

I think he delegates the figuring out of how quickly stock can be purchased without affecting price.