on several other investment opportunities that looked just as cheap as Berkshire as I built it into roughly 50% of my net worth (it's now less of my net worth as other investments has increased faster in value and some cash has come in the door). Since I've owned Berkshire, it's barely kept up with the market while in the aggregate, the other opportunities I considered or built smaller positions in have simply blown the indexes away. Why did I choose Berkshire? Because I trusted management and thought the shareholder was in the company's best interest. Well after five to eight years of stagnation, I am starting to question myself. Not once has management made any references to the shares being attracitvely priced, save the buyback mention six years ago, yet overvaluation was inferred from the 'kinda high' quote in Fortune and concerns expressed to Carol Loomis at another time as well as the SQUARZ offering. The stock is bordering on being nearly as cheap as it was since WEB made the buyback mention at $45,000. The stock has increased 12% per annum since then, while book has grown around 8% per annum. It's fun to own a cheap stock for short- to medium-lenghts of time (1 to 3 years) but six years starts to border on the ridiculous. While WEB used the 25% discount to IV example in the annual, I highly doubt he would have bought back unless he thought it was 40% or more undervalued. So he was probably comfortable with $75,000 back then as far as IV goes and about $119,000 today. It's time for management to step up to the plate and address our undervalued stock, since no one else in the market will. Enough is enough. It's time for action.