Post #14269 by hclasvegas on the Berkshire Hathaway board

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" So, using the cash and equities as a proxy for the value of the insurance businesses is conservative to the point of gross under valuation... in my opinion at least."

Which brings us back to the question I tried to get Buffett to answer for two decades. WHY was he so reluctant to authorize buybacks at material discounts to IV? WHY?

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