Subject: Re: Be right and sit tight!
2) Perhaps past valuation bands need to be revisited given WEB's historically aggressive buy back of shares in the past 24 months or more?

I think there may be something to this. But I think it's more at the low end...perhaps the "spongy floor" we saw for a few years during the 1.2 times book" buyback rule?

But the current price movement doesn't seem to be very Berkshire specific...other than a blip around year end, Berkshire's price trajectory has tracked that of the average S&P 500 firm almost perfectly in the last 10.5 months. Party like it's 1999?

Jim