BRK.B is valued at ~$475-510/share; current buyback activity is marginal but expected to increase if price drops.

Back in 2008, as far as I know, Berkshire made an offer to buy Constellation Energy and received a $1 billion termination fee . This, as far as I know, was orchestrated by Greg.

I mean, I can only imagine, if we go through another big recession or even a normal recession, he might buy back Berkshire shares like crazy and make acquisitions and take action in the stock market .

A few weeks ago, Berkshire repurchased some shares, but I saw some comments that it may have been done at a higher price than Buffett used to do previously. Do you have any opinion on that?

Yes, I think Greg is buying back at a price closer to intrinsic value. They just released their 10-Q quarterly report . They repurchased 235 million shares at a price of $486 per share.

This translates roughly to a valuation of just over one trillion dollars. It's a small amount. It seems that they were, and that was only in March. So, it seems, you know, if you look at the price, maybe in the last two weeks of March, I think they do that, but, you know, only at the margins, about.

I mean, I really don't see, unless, you know, if the price drops significantly, I would expect and hope that they would buy more, but, you know , maybe they are at the point where Warren was comfortable getting to 90% of the intrinsic value.

Greg might put it closer to 95% , which, you know, his calculations might be, hey, we have 380 billion in cash on our books, we could let some of it out close to intrinsic value, but I trust him to make the right choice, and I value Berkshire at around 475 to 510 per share. So, you know, it's roughly within this range.

Adam, do you have to estimate which one will be higher? The total number of shares, will they be bought on the open market or off- market in large blocks, from some of these families who have owned a lot of Berkshire shares for a long time?

He was saying, you know, my God, the same thing, will Berkshire repurchase Buffett's shares immediately after his death? I have put forward my view, I think it will remain in the institutions and will be rolled out gradually, perhaps over 10 years, just to maintain control of the voting power in Berkshire.

But I wouldn't be surprised if, I mean, God, if 100 billion went to his foundations collectively and they had to spend 10 billion a year, I can imagine Berkshire negotiating directly with the foundation to make those purchases.

Or if open market purchases are available. I mean, that would make sense. It really makes sense to do that.