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You are absolutely right. In fact even if we deployed our entire $100B for buy backs and managed to do it carefully enough to retain an average 20% quotation discount to intrinsic value, then we would only increase intrinsic value per share by a little over 3.6%.*

If WEB had bought $12B of BRK stock instead of IBM in 2011-12, it would have been ~35B today.
If WEB had bought $25B of BRK stock, it would have been ~75B today.

I would not call these actions as footnotes or fine print.
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