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WEB had a Q and A session at a gathering hosted by Alice Schroeder Friday evening. I did not attend but spoke to a person who did. I consider this person a reliable source.

He said that WEB was asked about buying back stock, and he said that the stock was selling for less than IV (but was not cheap enough to buy back shares).

I have been attending the annual meeting since 1986. Almost every year, somebody has asked WEB to opine on his view of IV vs. the stock price. As you all know, he has always declined to answer this question at the meeting. I was looking forward to somebody asking the question Saturday, so I could see and hear the answer repeated first hand. But ironically, when for the first time in 20 years WEB apparently was willing to answer the question, nobody asked.

I don't think WEB would say the stock was selling for less than IV it he thought it was just a little bit under IV.

Perhaps some reporter will ask the question at the press conference today.

WEB did make the comment at the meeting to the effect that historically,
the best times to buy BRK have been when there was some controversy or uncertainty hanging over the stock. It may not be quite the same as buying it below $45K in March 2000, but I am convinced that WEB thinks the stock is a good buy right now, and that he would like to see it trading somewhat higher than it is now.

I also came away from the meeting with the impression that WEB and CM think that they are going to get a chance to swing at some fat pitches within the next year or two. They are convinced that 10 year treasury rates are going up, and that something is going to happen that will cause the overleveraged "electronic herd" to run for the exits at the same time, resulting in dislocations and opportunity for BRK. I know we have been hearing similar warnings for some time, but you could not miss the theme this year--WEB said that if BRK has as much cash in 2 years as it has now, the "burden of proof will shift" on the dividend issue.







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