I don't own IBM, at least not directly. But at the right price I might be tempted to take a "flyer" (no more than 5% of my portfolio) on it. On the other hand, there is no price that would tempt me to buy BRK-B ever again.
« After buffett passes , brave financial reporters will write the truth, IF, they ever understand it. »
I sincerely hope that does come to pass. Unfortunately I probably won't be around to read it.
One of my interests is the post war (1945-1963) history of "Automobiles Ettore Bugatti". I recently purchased a reading copy (collectible copies were too expensive for me) of "Bugatti by Borgeson" (1981) that addresses the very subject you are alluding to. Borgeson's book is subtitled: "The Dynamics of Mythology".
I still contend that paying ~$170 in 2011 was way too early. But paying ~$165 today might work out.
I do agree with your statement "... because buffett refuses to return cap to shareholders". That's a very real issue for me. WEB has just celebrated 50 years of running BRK and BRK's cumulative distributions paid to its shareholders over that 50 year period totals ... ten cents per "A" share.
I find it abhorrent, that as a co-owner of a business to be told that I am not entitled to take some profits in real time, that if I need some money I should "make my own dividend" by forfeiting some of my stake.
"Undistributed earnings reinvested in a business cannot properly be considered a second form of payment to its owners. The money thus diverted remains at risk. It may finally fail to earn any profit at all. Unless it produces dividends sometime in the future, it comes to nought."
- Reference: Williams, John Burr. Interest, Growth, and Inflation or The Contractual Savings Theory of Interest. Circa 1964-1974. Page 141.