From the 2023 AR:

"Berkshire’s common stock repurchase program permits Berkshire to repurchase its Class A and Class B shares at any
time that Warren Buffett, Berkshire’s Chairman of the Board and Chief Executive Officer, believes that the repurchase price is
below Berkshire’s intrinsic value, conservatively determined." p. K-33

The key phrase here is "conservatively determined." That is parallel to "margin of safety." I disagree that Warren would buy shares without including some protective discount in his reasoning. Warren doesn't use a short term value for IV. He uses a smoothed value.

I want a larger discount than what Warren would use for buybacks because I'm looking for a better return. The market typically provides this discount within a time frame that is advantageous.

Shaun

Berkshire Hathaway FAQ

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