I agree with rando

Greg may have been intentionally holding back ahead of the Annual Meeting.

Historically, Warren has been consistent on the principle all investors should have access to the same information at the same time.

If Greg knew he was going to more clearly define Berkshire’s structure, priorities, and opportunities at the meeting, it would make sense not to be aggressively repurchasing stock before that information was broadly shared.

In that context, the light buyback activity may not signal hesitation—it may reflect process and fairness.

Now that the cards are more fully on the table, the dynamic changes.

Also notable: Greg didn’t spend much time on buybacks during the meeting, despite having already indicated Berkshire was a buyer. That felt deliberate.

My takeaway:
The lack of buybacks so far may be about timing—not conviction. The $486 buy sure points to that.

And I wouldn’t be surprised to see Berkshire become a sizable buyer of its own stock going forward. Comfortably in this price range.