Share repurchases are another important capital allocation option. We will buy back Berkshire
shares when they trade below our estimate of intrinsic value, conservatively determined, ensuring
that repurchases enhance per-share value for continuing owners. We may also purchase large
blocks of shares directly from major holders when the opportunity presents itself. These purchases
allow shareholders to own an incrementally larger piece of Berkshire’s businesses, without
deploying any additional capital of their own.

This may be interesting wording. Maybe new maybe not.

1) Will buy up to our estimate of IV, conservatory determined. Not 10% below or 20% below. Is this characterized differently?

2) May purchase large blocks of shares directly from major holders. Does this imply willing to pay higher than IV referenced above?

Any thoughts?