Subject: Re: Buybacks have begun
I think the progression to retuning buybacks is simple.

Buffet stopped 5 quarters ago due to price.

Price fell within in range, post May announcement of new CEO.

Buffet waited for the transition change and sat on the sideline.

New CEO and price was within range, but Greg waited until all shareholders had the most current info from annual update to evaluate business.

Once that was accomplished and the price was still attractive Buybacks began.

Business as usual going forward.

I believe this has nothing to do with Greg reacting to stock selloff because of annual report update. It does have to do with stock sell off impacting price to IV relationship.