No. of Recommendations: 16
Apparently Buffett agrees with me, as he repurchased stock in Nov 2023 at 1.51x known book. Since Nov 2023 he has repurchased stock at higher P/B, too, as high as 1.60x known book, but those purchases were from long-time owners, and may have been slightly above his estimate of IV.
I believe there haven't been any buybacks of B shares at a P/B higher than 1.426 times the lowest known book value during the published date range of the purchase.
From what I can read in the runes, I don't know of any A share purchases done above 1.48 times book that were for economic purposes, as opposed to buybacks from shareholders or there estates.
Buybacks in volume tended to start only below 1.45, basically the level today.
The future may differ, of course. As mentioned previously, I think the lack of buybacks in the last price dip was in part because they were waiting for the annual report to be out. So they might be in the market now or soon, if this dip lasts.
Jim
