We explained our criteria for repurchases in last year’s report

from Warren Buffett – Letter To Shareholders 2012 on Rap Genius

Meaning

in the 2011 Letter, Warren explained: “At our limit price of 110% of book value, repurchases clearly increase Berkshire’s per-share intrinsic value. And the more and the cheaper we buy, the greater the gain for continuing shareholders. Therefore, if given the opportunity, we will likely repurchase stock aggressively at our price limit or lower.”

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