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This happy result is because they didn't step up the rate till the valuation levels were more compelling

I am not sure that is the case.... but more importantly this is pretty flawed approach in my view. WEB should believe that Berkshire will be creating value in the future and today's price is going to be cheaper than his cost of the purchase, i.e., let us say Berkshire borrowed $25 B @ 2% (far higher than what they will actually pay), and invested in buybacks now, and pay down the debt in future, the value accretion would be far higher. Some may argue that is because of the leverage, which is true. On the other hand, Berky carried at least 4x to 5x cash and they could have used that cash and no need to leverage and let the future cash fill the coffers.

I hope, WEB drops his value anchor and moves to sustained buybacks, and if required sell his overvalued securities.
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