"I guess nobility is in the eyes of the beholder. I think it is more noble to oppose a silly idea like this one (that repurchasing shares could be taking advantage of share sellers) than to espouse the idea when it makes no sense. Noble is not a synonym for futile.

I don’t really see how shareholders would be reassured that Buffett espouses an illogical idea just because, if it were logical, it might be ethical." - DTB

You are missing the point. As a human, Buffett is an imperfect person. He is going to have his little quirks and his hangups just like everyone else. Given that which would you prefer, his quirks and hang ups bend towards not taking advantage of shareholders (even if it borders or irrationality)? Or his quirks and hangup bend towards taking advantage of shareholders to squeeze every extra dollar he can?

Yes, I think every shareholder would prefer that Buffett be perfectly logical all of the time (is that even really arguable?). When him and Charlie put their minds together they probably had a better batting average at being perfectly logical way more than most, but there were still not perfect. Given the expected imperfection, I would much rather have the person managing a large portion of my life savings have their hang ups be little quaint ones that make it clear he tries his hardest not to take advantage of shareholders.