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"If you buy back 10% of your shares at a 10% discount to fair value, you've added around 1% to value per share."True, the immediate bump in value is small, but hopefully, and probably, the benefit over the coming years is considerable. Don't the shares that Berkshire repurchases essentially "earn" what outstanding shares earn. Or is that incorrect? It seems to me that repurchasing shares is the same a purchasing shares of some other company, or set of companies, that have the same quality, growth and valuation as Berkshire. Or is that incorrect?The point has to be that if Berkshire is deploying cash that would otherwise sit idle (capital appreciation rate: zero) to buy back shares (capital appreciation rate: ~10% p.a) then a 10% buyback increases the appreciation rate of outstanding shares by ... 10%.So on a book value basis OK no significant change but if you value BRK shares on a future earnings basis, the value is up 10%.
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