Subject: Re: Buybacks
The only palatable explanation is they wanted to wait to buyback in volume until after the meeting.

Indeed. The other explanation is that the buyback they did was for performative reasons, not financial ones.

The valuation level was (and is) pretty borderline...around where buybacks stopped in the past.

I'm surprised some people are surprised that Berkshire's market returns in the last year have been poor--the valuations were unusually high a year ago, so what did they expect? An above-average year?

Jim