Subject: Re: Repurchase price
"Ok, I don't expect Buffett to publicly chastise Apple management for foolishly repurchasing shares without any regard for price, including last year when they were very expensive. This is not because of expensive investment bankers, it is because Apple's longstanding repurchase arrangement, devised by Luca Maestri and approved by Apple's board, does not even consider share price to be a relevant consideration."

Is it possible that Mr. Buffett hasn't criticized Apple's repurchases because he doesn't believe the repurchases have been done at an overly expensive price? It's been several quarters since I've listened to an Apple earnings call, but there was a time when Luca Maestri specifically said that Apple management thought shares were undervalued. I think Maestri and Cook understand the implications of repurchasing shares at prices above intrinsic value.