Well, 79 is about 110% of most recently reported book, so that is a reasonable assumption if one assumes that equity prices in general will just continue to slog along where they are now. If a major correction was to occur, then BRK's book value would fall as well, and WEB has indicated that he has reserved the right to preferentially buy other stuff over supporting the buyback. So hypothetically speaking, the bottom could be quite a bit lower, in my opinion.
Agreed. It could go lower ..may be to 1x book or 71 or 72 or so in a severe correction. 85 is a risky price to buy I think with 10% to 20% downside. I don't see much upside near term...may be could see some up tick in q4. who knows.