Subject: Re: Does WB require 10% off on stock repurchases? N
The 'conservatively calculated' is where the big question mark is: How does he do this calculation, and how conservative is it?

I have always thought of it this way: as he notes, there is a pretty wide range of possible value estimates, and his and Charlie's estimates would always have differed.
So I assume the price paid would have to be below the bottom of the range of all plausible estimates, then at least a little bit lower still to make it worthwhile.

Jim