"We try to price, rather than time, purchases," Buffett wrote in his 1994 letter to shareholders. The same could be said of Berkshire's stock sales. If the market is offering a massive premium on one of Berkshire's holdings, Buffett ought to sell it, pocket the cash, and look for opportunities in stocks trading well below their intrinsic value. That could even include buying Berkshire Hathaway shares themselves. In fact, the board of directors updated its share repurchase policy in 2018, allowing Buffett to ...