I submitted my previous post prematurely. Here is the full, corrected version.

I predict that Buffett's successors will put share repurchases into an automatic program, like Apple and most US companies do. Set a target for cash to be used for repurchases, agnostic of IV, and implement. They may suspend it when they need to build up cash reserves after a major acquisition or catastrophe. They may have a couple of years grace after succeeding Buffett, but investors/activists, will not show them the deference they have shown Buffett, if cash pile and cash flow remain high. Be patient and do nothing won't be an option.

Most of the time BRK seems to trade south of its IV, at least as calculated by most on this board and many respected analysts/investors. The short periods when it does trade above IV, it trades at only a modest premium and not at nose bleed levels. So an automatic repurchase program will not lead to a bad result. Alternatives like a dividend, or getting into auctions for acquisitions would be much worse.

Another interesting thought is the future of the A share. BRK investor profile will also gradually change as long-term holders' estates liquidate A shares. A decade after Buffet's passing his estate would have converted all the A shares. Will the bulk of the then outstanding A shares reside with activists hedge funds, institutions and their Wall St cohorts, pursuing short term returns, big fees, and ESG agendas? It may be better to buy back A shares even at a premium or get rid of them altogether.