Thanks for this.

The zero buybacks this quarter is another piece of data to suggest average B-level purchases are the better proxy for what BRK views as a reasonable discount to fair value (if the ratio is guiding decision-making or is a good proxy for / roughly correlates with the data that would be driving the decision).

During the quarter, the A-level maximum ratio would give a buy signal at $485.31, based upon the prior maximum ratio (1.567). The B-level $458.14. That's basically the difference between yes or no to buybacks for the quarter, and they went with no.

The current expected buy signals based on prior ratios are:

Max ratio A * last rep BK 	$507.22
Max ratio B * last rep BK	$478.83

I'm guessing we'll see our first buybacks this quarter if at or below the second figure for material amounts of time.