Ann: 2021 Interim Results Briefing, page-71

You are both clearly not assigning any benefit to the fact these options are for a 3 year term and with a manager who actually buys back their own shares. With the 20% discount to NTA funds you are mentioned, I am willing to bet the minority undertake any buyback arrangements.
This shows to investors that managers see value in buying back their own shares and everyone receive a benefit in them doing so, done by Berkshire Hathaway.

My theory is that MFG will look to do something similar to Berkshire in investing in private equites to help pad for bad years all fund managers experience.