Subject: Re: Buybacks have begun
Buffett sold lots of stocks and accumulated large pile of cash in the past 1-2 years. It seems to me the buyback was planed by Buffett to give Abel a boost as the new CEO.

Nah. Jim replies:

I believe Mr Buffett. He commented that he's not so selfless that he'd do something just to make the next guy look good.

Why look for obscure reasons? Sell stuff when prices are high and risks are rising. Buy during low prices and panics. Doesn't seem complicated. Never rule out the obvious just for the sake of a good yarn.

As for the buybacks resuming...valuation levels are reasonable, unlike the last couple of years. That's why my net position is no longer short, and I think the Omaha team is smarter than I am. Why look for a conspiracy theory?

I hope folks pay attention to Jim's comments.

It really isn't that complicated. BRK's price has gone through a boom cycle, seeking alternate safe investments, not that hard to track, and has now gone back to a somewhat reasonable price versus a conservative IV.

Why make it more complicated?