Subject: Re: Annual report
<<We will buy back Berkshire
shares when they trade below our estimate of intrinsic value..<<<

I caught this too and I thought it was quite noteworthy. Buffett has indicated he wanted to do purchases at substantial discounts to intrinsic value. I think this opens the door to quite substantial open market purchases of the stock,I would be surprised if Berkshire has not been a big buyer of its shares this quarter.

Abel made it very clear he is not interested in issuing a dividend in the near future, but he clearly opened the door to buybacks. Perhaps a lot more aggressively so than Buffett. We learned a lot.