No. of Recommendations: 2
everyone pretty much understood Warren wanting to be noble and not take advantage of exiting shareholders (even though if Warren did not do it, someone was going to). The thought was, one of the reasons to invest in Berkshire was the nobility of the management. It was better to have a management that was too noble for it's own good than not noble enough.
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.
