Post #1134 by shaun1776 on the Berkshire Hathaway board

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It is a good article, but it is awkward how he seeks to avoid calling buybacks at prices over intrinsic value "destructive" and instead says:

"A company that buys back stock at too high a price, relative to its intrinsic value, is redistributing value from the shareholders who remain in the company to those who sell their shares back."

Unnecessarily harming the remaining owners sounds destructive to me.

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