Subject: Re: Buybacks
My only thoughts on this are:

a) BRK is not compelling at $465+ to BRK?
b) BRK had an acquisition opportunity come across their desk and stopped buybacks during the evaluation process?

Does anyone have any thoughts or additional explanations?

c) Berkshire was being extremely conservative by not making any transactions at all in the month+ before earnings.
d) Berkshire felt that the average daily volume was too low and they didn't want their trades to affect the market for Berkshire shares.
e) The maturity dates of their T-bills were mostly after the quarter.

There any many possible reasons.