No. of Recommendations: 12
<<<To be specific, there has never been a buyback anywhere near $470/B...
Yes, the highest I see was 100xAs at $626,686. The very last buy, May 2024, equivalent to $418/b>>>
From the 50th year commentary on the “past, present and future of Berkshire”, Buffett wrote to shareholders to not overpay for the shares. He told us to think of holding at least 5 years and not buy the shares when they are dear; he actually threw out the yardstick, “say, approaching twice book value”. Well 1.5x was approaching that in his mind and well, 1.8x is here. There’s no margin of safety.
It’s a great education for us, for most corporate boards as they buy shares back.