Subject: Re: Price to Trend Book Value
BRK’s price moves much more with the overall market than unpredictable buybacks. I’m sure some look at the huge cash pile and think “buybacks” but there’s no evidence to support that.

We can compare to other companies that have done buybacks where buybacks don’t overpower business results.

The two biggest factors in the stock price are overall market trends and business results.

Shaun