Therefore, we increased the limit to 120% in December when a large block became available at about 116% of book value

from Warren Buffett – Letter To Shareholders 2012 on Rap Genius


There was wide criticism of this move, because the selling investor was believed to be a long-time individual shareholder of Berkshire from hometown Omaha, and the share repurchase was viewed to enable avoidance of the tax increases that Buffett himself has supported.

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