Subject: Re: Buybacks - Estate Purchases
I think some years back there was a pretty firmly implied promise to be a buyer from existing shareholders, with no particular constraint on valuation levels at the time.

This bit from the 2019 annual letter is what I recall.

“Shareholders having at least 20 million in value of A or B shares and an inclination to sell shares to Berkshire
may wish to have their broker contact Berkshire's Mark Millard at 402-346-1400. We request that you phone Mark
between 8:00-8:30am or 3:00-3:30pm Central Time，calling only if you are ready to sell.”

It’s nice it was used in a couple of charitable transactions as mentioned but it seems to me Berkshire was simply doing what they said they would do.

We really don’t know for certain if there have been similar transactions over the years. Perhaps it was called out specifically this year because it was done at high valuations.


Jeff