Todd, If you consider Q1 ending book of ~105,000 you assessment of 1.1x book of 115,000 is correct. But if you look ahead to Q2 book of likely 109,000 then it is already below 1.1x book. I don't know if BRK has to wait for quarter to finish or if they can buy at 1.1x based on within the quarter book and 1.1x book. Do you know? I think at 119,500 it may be at 1.1x of Q2 book is my point
<<I don't know if BRK has to wait for quarter to finish or if they can buy at 1.1x based on within the quarter book and 1.1x book. Do you know?>>
I don't know exactly. It depends on the definition of "then-current book value" as stated by Buffett. Does that mean last quarter, last month or last week? I'm not sure. I don't know what 2nd quarter will bring so $109 for book seems high to me but I can hang my hat on $105.
With markets generally up 12% YTD Berkshire book mst be closer to 109,000 with the increse in 72Billion in equity positions + the mark to market on international equiy puts + reula flow of cash from dividends and operatons. 105000 I think is too consevatve. We will find out on Friday May 4th..I wouldn't besurpised if buyback at 1.1x is already in flight.