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With respect to Warren, he seems quite content for Apple to continue buying regardless of the valuation so Berkshire's ownership level creeps up. I see this as one of his contradictions in that one could reasonably argue Apple should buyback in a variable manner based on market conditions.
Exactly. Buffett has often said that it only makes sense to repurchase when shares are trading beneath intrinsic value, and he certainly puts this principle into practice regardiing share repurchases of Berkshier. But he nevertheless regularly applauds Apple's repurchases, even if Apple's stated repurchase policy makes no reference to price.
Maybe Buffett just loves having more Apple and that happiness overcomes what should be his objection to a price-conscious approach. I don't know, but it is indeed hard to understand.
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