Subject: Re: Buybacks have begun
I agree! If you really wanted to buy back lots of stock while it was undervalued, why would you announce you are buying back stock?

An alternative view. BRK wants to maximise shareholder value AND they don't want to take unfair advantage of their partners (shareholders). As such, they buy when the stock is below IV, but they are letting their partners know that with their detailed knowledge they think the partners are selling below IV.

Aussi