Banter and General Comments .. BRK, page-9698

My 'beef' with the buyback is DP's communication of it as per his stated intentions. He's on record a number of times stating the the company trades at a fraction of what they consider it's underlying value & to that effect says on a number of occasions that they would exhaust the 10% cap & then get approval to do it again. What we have had is not reflective of that...that's misleading. Many days the buyback numbers are token only. If there are capital calls on near term development that would have a greater total shareholder return I have no problem diminishing the buyback (or indeed canning it if need be) in favour of reserving capital to that end. If that's the case, state it clearly as it's not market sensitive and act on it as per the information disseminated to shareholders & the market. What I dislike is leading shareholders with intent to do something & then doing it half baked, that's confusing & diminished trust in management. Also, the return on capital with a JV on development would have to be some gorilla to trump a share price trading at some 25-30% of it's implied value remembering there is zero risk to returns in a buyback buying heavily discounted equity compared to development/production operational risk in any field development program.