Subject: Re: brkb big block on the open,
I'd be surprised if they did repurchase anytime soon, though.
They are in 'batten down the hatches' mode, expecting rough weather.

I'd see it as a more aggressive than defensive posture.
A spider fixing up and extending the web, ready for new prey...figuring something tasty is likely to come along soon enough.

Not just a philosophical difference. I don't think Berkshire's management is the sort to act on a hunch about turbulence coming any more than they're the types to try to predict the stock market. They're just reacting to different prices (high) and opportunity sets (low), with no more expectation of the future beyond "prices fluctuate" and a rule of thumb that there's a good opportunity from time to time for those who are prepared.

If I were hanging out at head office, I could imagine hearing conversations around the water cooler of the form "Do you think it would be good to own XXX at the right price? What price would that be?" or just possibly "Have you ever thought about getting into [off piste asset] YYY?"

Jim