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"My guess is that Buffett may be more irritated with his gifts being
liquidated at very low valuations than with any impact these sales
may have on Berkshire's trading price. "

Buffett, and Buffett only, made the decision to give these shares to the Gates Foundation. In addition, he included the stipulation requiring the foundation to essentially liquidate investments on the same order of magnitude of his annual gifts. This makes it very hard for the Gates Foundation to sell anything other than Berkshire. Additionally, Buffett, through the Berkshire Board, came up with this crazy idea to only repurchase shares of Berkshire at or below 1.1x book value and decided to telegraph this. A horrible, decision, in my view, and a major reason why the stock continues to languish at a depressed valuation.
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