Subject: Re: Charts and predictions
<<<There does seem to be a correlation between valuation multiples and quantity of shares repurchased. It's very rough and ready, but if you fit a straight line through the observations and squint a bit, you get a "no buybacks" point around 1.5 times book.
>>>

Agreed. It does show that the willingness threshold has moved up from 1.2 to 1.5x.

As always, Mr. Buffett thinks decades out and this new regime was no reactionary move in 2018. It’s meant for the ages, long past his actuarial or real life expectancy.

We’re in great hands