Ann: Update - Notification of buy-back - BRK, page-191

This analogy to a football team is interesting

the team I support is not doing so well in recent seasons, and we are all grumbling, sack the coach, get rid of this player and that player, we have no game plan, our tactics are not working etc etc.

But we continue to love the club and buy our tickets and merchandise.

When we went on a winning run previously, there was no grousing, everyone was happy. We lived for the day, and we never sorted the roof while the sun was shining.

The sun is shining on Brk operationally, there is plenty of cash available, now is the time to fix the roof (share price/market cap)

don’t be parsimonious about the buy back price, it’s not as if we are all a bunch of flip traders looking for a quick hit and gonna desert the company in droves after a 2 or 3 pip uptick. we want our market cap to be engineered up not down.

At some stage if the company's true intention is really only to reduce the shares on issue , then instead of destroying the share price by a never ending downward spiral of buy backs, just grasp the nettle and do a consolidation.The business is sound and strong enough for a consolidation to be seen as a positive step.

we want our market cap to reflect as closely as possible the true worth of our business
Unlike a football team we can’t sack our coach, so we wait patiently or impatiently for him to turn around our fortunes.