Subject: Re: Baron’s On Q4
“Warren Buffett, 95, who retired as CEO at year-end in favor of Abel, 63, appears to be playing a key role in capital allocation, particularly buybacks. Berkshire disclosed in its 10-K that Abel needs to consult with Buffett, now chairman, on whether to repurchase stock. When he was CEO, Buffett had unilateral authority on buybacks.”

I missed that. Page number?

Page K-33:
In 2025, Berkshire’s common stock repurchase program was amended to permit Berkshire to repurchase its Class A and Class B common stock at any time that Berkshire’s Chief Executive Officer, after consultation with the Chairman of the Board, believes that the repurchase price is below Berkshire’s intrinsic value, conservatively determined. Prior to the amendment, the program permitted Warren Buffett, Berkshire’s Chairman of the Board of Directors and Chief Executive Officer, to repurchase Berkshire’s common stock under the same criteria. Repurchases may be in the open market or through privately negotiated transactions.