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Here's a journalist not taking any chances:

According to a press release announcing the repurchase, Berkshire is buying shares back at $131,000.00, or roughly $1.2 billion.

But the 120 percent of book value figure appears to be an increase from levels previously stated in Berkshire's 2011 annual letter for a buyback bogey.

In February, Buffett said he will consider buying back Berkshire shares so long as the company's stock trades at less than 110 percent of its book value. Tuesday's repurchase indicate an increase in Berkshire's rules and might reflect the notion that valuation multiples the legendary value investor uses are on the rise.

Yes, 120 certainly does appear to be higher than 110.

Regards, dTM
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