“If BRK.A declines another 5% (It's dropped 10% since the annual meeting from a P/B of 1.78 to 1.57x BV.), I think that Buffett will be repurchasing stock again, if he's not already.”

Agree & I do wonder if the $330+ billion in cash equivalents will make WEB more likely to repurchase shares at potentially a smaller discount to his I.V. range than he normally does. Willing sellers of significant A shares may be a bit harder to find. Honestly, I would be pleased, as long as repurchases are done at his I.V. “range”.

We know he has No interest to simply support BRK market price, but I imagine when buybacks are noted in the quarterly, interest & purchase may pick up elsewhere given his cheapskate reputation wrt repurchases. The next 6/12/18 months will truly be fascinating to observe.