Subject: Re: Strategy - covered calls in retirement
"As a vicarious shareholder of Apple by virtue of Berkshire, I would much prefer seeing a big dividend than more share repurchases of a company that is now trading for 33 times earnings with an annual growth rate of 15% over the last 3 years, a growth rate that is, in my opinion, likely to be hard to maintain even at that level."

I don't want a big dividend. With respect to Warren, he seems quite content for Apple to continue buying regardless of the valuation so Berkshire's ownership level creeps up. I see this as one of his contradictions in that one could reasonably argue Apple should buyback in a variable manner based on market conditions.