Subject: Re: Owners Manuel
Once upon a time, decades ago, you told me that if I want a stock with an authorized buyback don't buy brk, remember?

Dude, get a grip. I never said that, and somewhere in your irascible heart you know it.

You are just unable to face the concept that 1.97 is bigger than 1, not smaller. It will remain true even if you come up with a new red herring every day for the rest of your life.

Obviously things could change. We could see the market stop recognizing Berkshire as capable at allocating cash usefully and new retained earnings might stop getting a multiple. Market price might start rising no faster than the cash piles up. Hasn't happened yet, though.

Write 1.97 on your fridge. Really think about what it means.

Jim