Subject: Re: Alice Schroeder 1999 Paine Webber Analysis
"Which brings us back to the question I tried to get Buffett to answer for two decades. WHY was he so reluctant to authorize buybacks at material discounts to IV? WHY?"

I think the simple answer is that consistently shrinking the shares outstanding also shrinks his 'canvas' as opposed to putting the money to work in outside investments or acquisitions...which obviously expands his life's work.

Is that perfectly rational as a steward of others capital? Maybe not, but we all have our own unique form of humanity and no one is perfect as discussed in another thread here recently.