No. of Recommendations: 8
For example, maybe Mr Buffett thought that Berkshire stock was a better deal in 2022 (slow repurchases) than in 2021 (fast repurchases),
but that OXY stock was an even better use of capital in 2022 so he did that instead.
That is obviously true but my take was based on the maximum price actually paid not the quantity of shares purchased. The assumption was that whatever the competing candidates for capital deployment ( and obviously there will always be many), I assumed Buffett would never pay a price which was higher than 10% below his estimate of intrinsic value at the time.
That could be a wrong assumption, but it feels a fairly realistic one to me.
