No. of Recommendations: 4
Thanks for this.
The zero buybacks this quarter is another piece of data to suggest average B-level purchases are the better proxy for what BRK views as a reasonable discount to fair value (if the ratio is guiding decision-making or is a good proxy for / roughly correlates with the data that would be driving the decision).
During the quarter, the A-level maximum ratio would give a buy signal at $485.31, based upon the prior maximum ratio (1.567). The B-level $458.14. That's basically the difference between yes or no to buybacks for the quarter, and they went with no.
The current expected buy signals based on prior ratios are:
Max ratio A * last rep BK $507.22
Max ratio B * last rep BK $478.83
I'm guessing we'll see our first buybacks this quarter if at or below the second figure for material amounts of time.
