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No. of Recommendations: 7
I am not sure that is the case.... but more importantly this is pretty flawed approach in my view. ...let us say Berkshire borrowed $25 B...and invested in buybacks now...I hope, WEB drops his value anchor and moves to sustained buybacks, and if required sell his overvalued securities.



Buffett's retort:

In 1958, Phil Fisher wrote a superb book on investing. In it, he analogized running a public company to managing a restaurant. If you are seeking diners, he said, you can attract a clientele and prosper featuring either hamburgers served with a Coke or a French cuisine accompanied by exotic wines. But you must not, Fisher warned, capriciously switch from one to the other: Your message to potential customers must be consistent with what they will find upon entering your premises.
At Berkshire, we have been serving hamburgers and Coke for 56 years. We cherish the clientele this fare has attracted...
...The tens of millions of other investors (Kingran) and speculators in the United States and elsewhere have a wide variety of equity choices to fit their tastes.
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