Though Berkshire did not purchase shares of either company in 2023, your indirect
ownership of both Coke and AMEX increased a bit last year because of share repurchases we made
at Berkshire. Such repurchases work to increase your participation in every asset that Berkshire
owns. To this obvious but often overlooked truth, I add my usual caveat: All stock repurchases
should be price-dependent. What is sensible at a discount to business-value becomes stupid if done
at a premium.
Kaveri Seed should be buying back only when the share prices are trading at a discount. It is unfortunate that they keep choosing the tender route.
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