" So I find it interesting that people seem to be becoming more bullish after the changing of the guard."

palmersq, you raise several excellent points. For decades Buffett refused to authorize a buyback. He finally authorized a buyback but stipulated a 1.1 xs BV limit, so in reality he still had little interest in buybacks. He raised the limit to 1.2xs BV, which still showed little interest in buying back brk shares. He finally agreed to buybacks at, material discounts to IV, which should have been the hurdle 30 years ago. Buffett was a net seller of stocks for over 4 years, and he wasn't a serious buyer of brkb either during that time period.

NOW, with the markets at all-time highs and brk trading at 1.5 xs BV, brkb is a serious buyer. When Buffett was in charge brk wasn't worth buying above 1.3 ish XS BV, but now, it's a great value at 1.5 xs BV, with Buffett playing in very late innings of the ballgame? I like Greg, but,is he a proven capital allocator at these market valuations? Is anyone? What if Buffett has been right the past 4 years, but early? Has Greg experienced managing money during a 20 % sell off?

Finally, coincidently I'm sure, Buffett plans to sell 15 billion or so of his shares a year via the foundations annually for the next 7-8 years or so, just when brkb became an aggressive buyer at 1.5 xs BV. WHAT LUCK!! NOW, at market highs with Buffett leaving the game, brkb is worth more? I'm confused.

It should be noted we all know questioning Buffett and his thinking the past 30 years has made me a huge hit in brkville, thank you for the love and respect for independent reasoning. :)