Warren Buffett on Stock Buybacks, Economic Recovery and Europe

Only buy back shares when they are selling at a discount to intrinsic value, and intrinsic value is not the precise figure, it’s a guess. Sometimes people try to buy back stocks just to pop up the stock performance in the short run. But who knows what the motivations are? There is only one motivation for Buffett. If he knows he could buy the business at a discount, it would be beneficial for shareholders. And he thinks if anybody wants to buy back stock, he/she should tell the partners before that.