No. of Recommendations: 8
In a quarter like this one, where there were no b-shares repurchased at all, I think it is quite likely that the A-shares purchased were the result of incoming calls and not "open market" purchases. I think when a large block of A-shares is offered to Warren / Mark Millard, they take the block. There might not be a ton to read into the price they pay, except that it was probably the market price at the time.
FWIW, I don't believe this.
Sure, I think it's entirely likely that the occasional shareholder phones up and *offers* the shares.
But I think Mr Buffett is perfectly capable of saying "no thanks, please go ahead and sell them on the open market at the current bid, because I don't like 'em enough at that price".
Maybe you're right, but I definitely don't take it as a certainty that he has the company take everything offered. By extension, there is a valuation level at which he'll say "no".
Jim
