The buyback read is the right lens, and there's an echo in it worth naming. Berkshire's most-criticized position for years was the long-dated index puts Buffett wrote in 2006–08 — billions in premium collected up front, then years of ugly mark-to-market before they expired close to worthless. Same instinct as a buyback: get paid for supplying something the market wants urgently, and be the one party able to hold the position long enough for time to do the work. If Q2 lands near your $8B, I'd read it as a version of the same trade.
I would like to share my speech with you when I was valedictorian:
As business students… Actually graduates now… often times our first thoughts are about profit maximization. You might think that profits to you and your company are going to outweigh the expense to your integrity… at least in the short term. But, in order to find the fulfillment we’re looking for life, we need to make sure that we don’t compromise our values for profit. It is no doubt that you will be tested with situations in which you have to make an ethical decision. Decisions that challenge your values… your principles… your fundamental beliefs. You cannot improve your business, your community or your society unless you are honest and act consistent with your values.
The buyback read is the right lens, and there's an echo in it worth naming. Berkshire's most-criticized position for years was the long-dated index puts Buffett wrote in 2006–08 — billions in premium collected up front, then years of ugly mark-to-market before they expired close to worthless. Same instinct as a buyback: get paid for supplying something the market wants urgently, and be the one party able to hold the position long enough for time to do the work. If Q2 lands near your $8B, I'd read it as a version of the same trade.
I would like to share my speech with you when I was valedictorian:
As business students… Actually graduates now… often times our first thoughts are about profit maximization. You might think that profits to you and your company are going to outweigh the expense to your integrity… at least in the short term. But, in order to find the fulfillment we’re looking for life, we need to make sure that we don’t compromise our values for profit. It is no doubt that you will be tested with situations in which you have to make an ethical decision. Decisions that challenge your values… your principles… your fundamental beliefs. You cannot improve your business, your community or your society unless you are honest and act consistent with your values.
Great speech for an top achievement! Bravo, kudos and thank you for sharing Colin! Cheers to that!