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He just changed it from 110% to 120%, and I would be happy for him to raise it further, or to remove the criterion entirely, but repurchases are unlikely to be a major part of that decision unless they involve tens of billions of dollars worth of shares.

I agree, although I am very intrigued by the idea of buying back the Gates Foundation shares over time. There are potential legal complexities due to the fact that Gates is on Berkshire's board and Buffett is on the Gates Foundation board. So it could be messy. But this would be a steady supply of shares that could be repurchased over time if the price remains depressed.

And of course, many Berkshire shareholders from the early days continue to age and we could see more deals like the one this week.

I can easily see $2-5 billion/year or more in regular repurchases if the price spends any material time below 1.2x book. And this would not preclude adding funds to the Combs/Weschler funds and pursuing larger deals.
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