Subject: Re: BRK Deep Dive by Adam Mead
That’s true. At the same time, he has the authority to purchase shares only at prices below intrinsic value, conservatively calculated.


“The Board of Directors of Berkshire Hathaway Inc. has today authorized an amendment to Berkshire’s share repurchase program…..Under the amendment adopted by the Board of Directors, share repurchases can be made at any time that both Warren Buffett, Berkshire’s Chairman and CEO, and Charlie Munger, a Berkshire Vice Chairman, believe that the repurchase price is below Berkshire’s intrinsic value, conservatively determined.”


https://www.berkshirehathaway....


He has also said that his IV is a range rather than a specific number. The authorization from the BOD likely refers to the lower end of his estimate. According to current policy, he is authorized to purchase only when the stock trades below the lower end of his estimate.