Subject: Re: 2023 repurchase prices & yearend book value
Looks like he's willing to pay 1.4x BV. I am guessing he thinks that is below fair value. I suspected he considers fair value around 1.6 BV and the zone of reasonableness to be around 1.2 - 2.0 x BV.

I think he'll buy up to 1.5, especially to give his heir the ability to error on the higher side of reasonable. Probably still better than a dividend at fair value considering his partners' tax implications.

He still suggests its great that Coke and AmEx and Apple buy back shares which seems odd to me for Coke at least.