Subject: Re: The S&P 500’s Yield Is Weak.
"They have demonstrated they will buy back in quantity when it's a good value. $76 billion in the last six years. That's not nothing. It will get there again."

Good morning, the point is the stock was a great value 15-20 years ago, he didn't swing. Do I want the stock to trade down to 1.25 xs BV again, no, and neither does Buffett. Buffett sells 4-5 billion brkb a year via the foundations, why would he want them to enjoy lower proceeds from his stock sales?

Buffett loves the low-cost index fund yet while Buffett was promoting and buying high-cost Ginny and high-cost Vicky, he forgot to buy LOW COST brkb. Obviously buying high-cost apple worked out great. Several high-cost hedge funds did well too but Buffett isn't a fan of high costs.


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