Subject: Small/consistent buyback
When Berkshire is trading in the 1.45x or less zone, it is obvious that Warren likes buybacks.

He has often spoken about the idea that it is difficult to buy back stock because the shareholder base just holds (a very good thing!)

I think it makes sense to buy back a small amount on a consistent basis, say $1B/qtr at 1.65x or less. Over time this would have worked out just fine, I would rather this than a dividend.

While it may sound good to say, 'we have all this firepower for the eventual storm', historically Berkshire has not acted in that huge a way when the world was ending.