Subject: Re: Investment portfolio
“I don’t know, but will conclude with dividends and buybacks seem increasingly likely.”

As time ticks and we see so few opportunities, I just sense we will see sizable buybacks from Greg at less of a discount to IV, rather than a “special” or quarterly dividend.

Even Charlie said in a meeting a few years ago that he hinted don’t be surprised to see a good bit more repurchases. I wouldn’t be disappointed given our circumstances of $370-380B (30%) cash equivalents & growing daily.

Wishful thinking perhaps!