Subject: Re: Greg's in Charge
“Berkshire’s common stock repurchase program currently permits Berkshire to repurchase shares any time that Berkshire’s Chief Executive Officer, after consultation with the Chairman of the Board, believes that the repurchase price is below Berkshire’s intrinsic value, conservatively determined.”

Greg needs Mr. Buffett’s permission?

There's a lot of people on this board who post their iv estimates. They vary.

I remember Warren and Charlie talking about how they would come to different iv's. They were in the same ballpark but not the same.

So, I'm sure Greg has one figure Warren another.

I'd find it hard to believe he's asking permission to repurchase. More likely just bouncing his figure off Warren. Just like Warren and Charlie did.

And Warren is probably at the point he just defers back to Greg.