We used $1.3 billion of that to repurchase our stock

from Warren Buffett – Letter To Shareholders 2012 on Rap Genius

Meaning

Buffett has stated that he will repurchase stock when Berkshire Hathaway is trading at or below 120% of book value, which he did in 2012. He originally stated that he’d only do stock repurchases at 110% of below of book value but he reassessed that figure

This was Berkshire Hathaway’s first stock repurchase ever, and a very controversial one at that. The shares were not repurchased on the open market, as most repurchases are, but rather from a single long-term shareholder in December of 2012, and was widely believed to have helped this shareholder liquidate in advance of tax increases.

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