Subject: Re: Buybacks have begun
"I'm glad to see the resumption of repurchases, if only to get an idea of Warren's estimate of IV."

I suspect that Berkshire made the unprecedented announcement that Berkshire repurchased stock on Wednesday to show that Warren believed that Berkshire was in good hands under Greg, and that in fact he believed the stock was undervalued. Berkshire's stock had fallen 5% on Monday after the annual report, and Warren and Greg wanted to show their faith in the company.

I would not be surprised to see Berkshire repurchase more stock, even perhaps at prices several percent above Wednesday's repurchases, which were made at 1.46x known BV to 1.47x known BV. In March, April and May 2024 Warren repurchased stock at prices from 1.56x known BV to 1.60x known BV. I won't hold my breath for 1.60x BV, but 1.52x or 1.53x known BV ($760K) would not surprise me.