Berkshire Hathaway's Board decides that the best bet in this market...is Berkshire.
Berkshire's board has authorized the company to buy back its own shares. Why? Because when the market is getting pummeled as it is now, all shares sink, regardless of the value of the underlying business. Nobody knows Berkshire's business like Berkshire and it sees an opportunity to buy itself low and then likely raise capital in the future by re-selling its reserve shares back to the market at a higher prices in the future. The future price rise will not only be due to a turn the market, but also a sense that Berkshire will be among the best at recovery. So the company is arbitraging against its own reputation and succeeding, creating a self-fulfilling prophecy. Still with me?