Great post! It's one of the most important delighters of owning BRK.

The irony with SBC is that it is supposed to align management behaviors with shareholders interests. As you describe it correctly, the opposite happens. It is simply another case of "Other-peoples-money" but actually it ends up as stealing from shareholders. Just think for a minute about something Buffett and Munger have said in the past. Just give the managers an equivalent cash bonus and see if they will buy the stock with that money. They don't and shareholders who are buying should ask "why not?"

Bringing it back home,I have been watching but am a little underwhelmed by the stock purchases by the Berkshire board over the past decade. Ownership is a largely a "hold" thing, to be understood somewhat with the 80- and 90- year olds and "already rich". I just would love to see more insider buying happen. Perhaps that is what is behind adding folks like Chris Davis and Weitz to the board.

This will be a good question for Warren. And love to see Greg chime in. This issue is a true acid test.