This might be a case that you want to make a more nuanced distinction between A and B shares.

If you're going to read meaning into the buybacks, it's worth noting that Mr Buffett has been expressing a strong (and somewhat rising) preference for A shares over B shares. In recent periods that both A and B shares have been purchased, the ratio of prices has been around 1540, not the "economic interest" ratio of 1500.

So, though a share repurchase at $626,685 per A share in May might correspond to $417.79 per B in terms of economic interest, it seems likely that it corresponds to a willingness to do a repurchase at a B share price of only around $406.94.

If reading something into those transactions, it's also noteworthy that no shares were repurchased in June. Most days in June the A price was below $615000 for some or all of the day, so numbers around that level were not enough to tempt him. It wouldn't be a simple matter of having been distracted, as I'm sure he and the broker understand how to use limit orders : )

Jim

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