Subject: Re: Tilson's latest take on BRK
Almost exactly a year ago, Buffett was repurchasing shares at a maximum price of around $323 per B after which he stopped as the price increased...

I think it's good to consider that there might be more moving parts to consider.
It's possible that it's not really that simple, and reading too much into it is getting ahead of one's skis.

For example, maybe Mr Buffett thought that Berkshire stock was a better deal in 2022 (slow repurchases) than in 2021 (fast repurchases),
but that OXY stock was an even better use of capital in 2022 so he did that instead.

The amount of capital that might be considered "excess" and therefore buyback-eligible presumably varies a whole lot based on other things going on.
In the economy, in the markets, and in Berkshire's businesses.

Jim