Subject: Re: Ravi on repurchases and valuation
Personally, I would like to see something like a Dutch auction, using a couple of hundred billion dollars to substantially reduce the share count, instead of doing it in dribs and drabs. A stretch goal would be to cut the size of the firm in half with buybacks, and eventually bringing it back to a size where there are more opportunities to spend future cash on profitable acquisitions. It's too bad he didn't do this 15 years ago (his first repurchases were in 2011, when the company had a market cap of under $200b, but it wouldn't be impossible to get back to that size.

I don't understand what you mean by this paragraph. I especially don't understand that last sentence. If Berkshire owns "stuff" (like See's, like Geico, like Gen Re, like Coca Cola shares, like Apple shares, BNSF, American Express shares, etc) that is worth $600B or $800B, then how could the market cap of the company as a whole ever get back to under $200B?