Subject: Re: why did Buffett cut back on the buybacks
According to my back of the envelope. If you want 10% returns over the next 10 years you've got to be paying $260 for BRK. 315 will give you 8%. This based off a book value of 207 @ 9% pa growth and terminal value of 1.4x book in 10 years which would equate to 680 dollars per share.