My point is merely making the distinction between an insider buying stock because they think it's a good deal at the current asking price (the way a lot of people interpret insider purchases), and those that are done more for the impression of support and confidence in the company they engender among observers: signalling.

Fair enough. I guess I believe that it would be illegal, or extremely ill-advised in terms of being sued, for the CEO of Berk to not publicize his purchases, and that, assuming Greg would just as soon secretly buy $15 million a year of BRK, he would be ill-advised to not behave exactly as he has behaved in terms of publicizing his purchases.

So his behavior is *consistent* with being a buy signal: he would have to behave this way sending a very visible signal whether he wanted to signal or not, even if he just wanted the stock.

But you are right, by itself it is not reliably a buy signal.

However, reminding the world that Berk repurchases its own stock if it wants to WHEN IT IS TRADING at or below IV, and then announcing it is now making purchases: now THAT is a a buy signal.

R:)