Banter and General Comments .. BRK, page-10187

NR, I understand your angst...I'm uncomfortable seeing the price where it is and especially the company not taking advantage of the recent trading to buy back equity (as opposed to defending a line in the sand price-wise). I'm pissed, I've said it before in prior posts. That said, I'm still a T20 holder and have been buying this morning. I'm supportive of DP in the MD role. I don't know of anyone better suited to run BRK. That does not mean I'm locked in with the decision making to date and especially managements inclination to publicly state one thing regards the buy-back (buying up 350 million shares and then coming back to shareholders to get it increased) and then for practical purposes sitting on their hands.I would have been happy if they bought back every share sold today. I eagerly await monetization but would be very comfortable if it was pushed back whilst the equity is on offer and mopped up at these levels for a simple reason....the pretax NPV10 sitting at around A$250 million and it trading at $A50 million. That disconnect rarely stands. Buying back shares at this levels greatly amplifies the returns to those shareholders that choose to remain invested when that disconnect closes. There's different ways to skin a cat as they say, I differ in DP's approach only by way of allocation of capital to that endeavour.....the BoD seems keen to retain capital to maximize BRK's future ownership of it's assets...I wish they'd expend more of the capital on the buy-back now, wait perhaps another six months and allow the free cash we are generating to buttress the capital reserve to maintain our hand at monetization. I want the maximum return here, not the quickest so I'm not ready at this time to take to pitchforks chasing management.

DP stands to do exceptionally well if he executes on the strategy he's mapped out....more so than just about anyone else.....he's deeply incentivized. I dislike the structure of his non-recourse loan but his $ remuneration is comparatively small, he is taking a punt albeit shareholder funded along with the rest of us on share price expansion to in essence make multiples of our collective investment here. I still see that as the ultimate likely possibility.