The trend goes back a number of years. Every time BRK hits an all time high we have a slew of "I lightened up some" posts. Boggles the mind how much $ has been left on the table.

Justified by some with, "Warren's not buying" as if the BRK buyback policy has been the definitive signal as to when to buy and sell the stock. Go back to when the buyback authorization was first announced....believe it started with the ridiculously low 1X book and then after a period of few (if any) buyback opportunities it was increased to a ridiculously low 1.1X book (maybe 1.2). Bottom line is that there was a long period of time with only a small % of stock repurchased even though there was an abundance of cash to do so and of course the stock is worth considerably more today.