But not the reverse:
Just because he's not buying doesn't necessarily mean he thinks the price is too rich.


I agree which is why I didn't suggest the latter.

It can be tough to deduce too much from repurchase activity as a lot of it is opportunistic by design and we do not have visibility of the options available to him at any point in time.

There have been many times in the last 5 years where he hasn't bought despite the stock getting cheaper than where he was buying. I actually asked him to explain why via CNBC and he explained that he wanted to keep cash around because he was hopeful of doing a large deal which fell through. He also made clear that in terms of capital deployment, an acquisition of a whole business would always take precedence.

Obviously he was also building up cash when the price hit a low in 2020 and didn't buy back any shares in the vicinity of the bottom.