Subject: Re: Greg's in Charge
The annual report says:
“Berkshire’s common stock repurchase program currently permits Berkshire to repurchase shares any time that Berkshire’s Chief Executive Officer, after consultation with the Chairman of the Board, believes that the repurchase price is below Berkshire’s intrinsic value, conservatively determined.”

AdrianC sees that and asks:
Greg needs Mr. Buffett’s permission?

Raplh responds:
No. At least that is not what the annual report says. It says he needs to talk to Buffett before he does the buyback. Maybe Warren says "yeah see what you mean" and Greg goes forward with the repurchase. Maybe Warren says "No. No! What are you nuts?" and Greg goes forward with the buyback. Either way Greg has consulted with the the Chairman of the Board before doing the buyback.

R: