" They never did buy any. The stock price quickly went up. Buffett is reported to have said later: "now that was a sign!"

$45k would have been 1.18x 1999 year end book value.

If you asked Buffett today, do you think his answer will be any different? He will never try to support the stock price. I hope Abel is the same."

Thanks, great stuff. So, when did Buffett finally, authorize a buyback, just authorize one? WHY did he stipulate such a tight buyback limit which he knew would quickly be exceeded if he had any intention of buying back stock?

" We will not repurchase shares unless we believe Berkshire stock is selling well below intrinsic value, conservatively calculated. Nor will we attempt to talk the stock up or down. (Neither publicly or privately have I ever told anyone to buy or sell Berkshire shares.) Instead we will give all shareholders — and potential shareholders — the same valuation-related information we would wish to have if our positions were reversed."

When it comes to brk, his opinion of IV was obviously way too conservative for way too long. Did he ever, talk up, or promote, the work of others, aka, Ginny - IBM etc? WHY promote high-cost alternatives to brk? That letter was written in 1999, in your opinion, why did it take so long to finally authorize buybacks at, material discounts to IV? The 1.1XS BV limit was serious, in your opinion, or an effort to get the stock above 1.1XS BV a valuation he thought was, fair value, at the time.

Thanks.