Subject: Re: Does WB require 10% off on stock repurchases? N
I think he gave an example of a company repurchasing at a 10% discount. I don't believe he ever said that's what he would do.

He has said many times that IV is in a range, and competent analysts will come up with different numbers, even Warren and Charlie would have significantly different numbers.

I expect he buys back when they have excess cash, and the price is within a conservatively calculated range. That range might be +/- 20%.