Matt’s secret chart


Previously, Berkshire Hathaway’s board had authorized Buffett to buy back Berkshire Hathaway’s stock whenever it fell below 1.2 times its book value, a level that the board felt clearly undervalued the company.

The problem is that even in turbulent market times, Berkshire’s stock price hasn’t fallen below that valuation in the past five years. So the rule effectively prohibited any buybacks from occurring
BRK.B Price to Book Value Chart

BRK.B Price to Book Value data by YCharts