"And by announcing, it was self-defeating. I mean, the stock went up. And there are times when I've— would have liked to have bought a significant percentage of Berkshire in the market because I thought it was— it would have been— increased the per-share value of the remaining shares.

If I'm going to buy you out in order to benefit Joe and me, I want to tell you first that I think I'm buying you out cheap. Now, if you still want to sell to me, you know, that's fine and you've been warned and— but the very act of me telling you that, particularly in a stock like Berkshire, is probably going to make the whole exercise self-defeating. It certainly did a couple of years ago. So it isn't much of a tool for us. I think it's a great thing to do if your stock is selling well below intrinsic value."

"The repurchase program is expected to continue indefinitely and the amount of purchases will depend entirely upon the levels of cash available, the attractiveness of investment and business opportunities either at hand or on the horizon, and the degree of discount from management’s estimate of intrinsic value."