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No. of Recommendations: 10
I think the 10% interpretation is too narrow.

First of all the stock was sitting at $218+ on the day of the meeting.

What I thought I heard Buffet say is at 10 to 25% discount it is desirable to buy back shares, but only modestly so. As it moves past 25% I get more excited.

So at less than 10% discount is just isn't worth giving up the cash since it may have greater value utilized in a different manner now or in the future.

At 10 to 25% BRK gets a small benefit from buyback. Less of course at the lower end of this range and more at the higher end.

At 25% plus the buybacks can be meaningful to the remaining holders.

I would add that BRK did buy back north of $1 BB in March when the stock was in the 10 to 25% range. Based on current price levels I would not be surprised to see BRK buyback $4 BB+ in Q2 and every quarter after that. I think people are reading the last quarter total of $1.7 BB as misleading. He clearly didn't ramp thing up till late in February.

So my take is at $190 ish or less BRK will buy > $2 BB per month. Hopefully many times this.
At $200 ish to 210 likely $1 BB + per month
At $210 to $220 ish Maybe less than $1 BB per month.

Of course these targets rise a few dollars each quarter.
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