Keep something in mind. I doubt anyone here would argue that brk is crazy cheap today. However, Years ago when brk often traded close to BV or below BV, every Buffett investment should have been judged , in part, with respect to the, opportunity cost, vs just buying back brk. Buying 13 billion ibm vs buying brk 13 billion brk , may have been a 20 billion dollar plus , opportunity cost, error. Did you have an opinion of the Tesco buy? Their stores in America were a disaster, another huge miss. In 2006 when Buffett disclosed the donation to the Gates Foundation I immediately posted brk should have the, right of first refusal, on all Gates F sales. That would have presented an opportunity to invest tens of billions in brk, without having any impact on the markets. Those shares never would have seen the public market and would not have increased the float. Buffett was getting heat for lagging spy, finally agreeing to split the stock and authorize a buyback was a tactic used to, goose the stock higher. He never wanted to buyback brk, his mindset was larger canvas, not higher stock price. Eventually a bell went off, hey, I'm the largest seller of brk every year, WHY should the foundations enjoy proceeds from sales at BV, if they can get 1.3 xs BV, with a few, shareholder friendly moves? I'll never understand why Buffett was so resistant to buying back brk , which offered near certain risk free acceptable long term returns ?