2012: If Berkshire is undervalued at 110% of book value, why didn't you warn us that it was expensive at 200%?
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BECKY QUICK: This question comes from a shareholder named Ben Noll (PH), and I’ve got several different emails that were very similar to this one but I’m choosing Ben’s question. He writes that while pleased by your announcement to buy back stock at 110 percent of book value, he feels like a bit of a chump for sometimes having paid nearly 200 percent of book in the past few years.
2012: If Berkshire is undervalued at 110% of book value, why didn't you warn us that it was expensive at 200%?
2012: If Berkshire is undervalued at 110% of…
2012: If Berkshire is undervalued at 110% of book value, why didn't you warn us that it was expensive at 200%?
BECKY QUICK: This question comes from a shareholder named Ben Noll (PH), and I’ve got several different emails that were very similar to this one but I’m choosing Ben’s question. He writes that while pleased by your announcement to buy back stock at 110 percent of book value, he feels like a bit of a chump for sometimes having paid nearly 200 percent of book in the past few years.