Warren Bufftett

Whitney Tilson sent a copy of his last email regarding Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B)’s sharebuy back to Warren Buffett and he sent Tilson the email below (and attachment). Buffett gave Tilson permission to share it). We have obtained a copy which we have below in text and embedded in scribd.

From: Debbie Bosanek, Assistant to Warren Buffett
Sent: Thursday, December 13, 2012 12:08 PM
Subject: from Warren Buffett

TO:  Nik Deogun and Nick Dunn, CNBC

Gary Kaminsky earlier today made two major errors in describing our repurchase of 9,200 Class A shares yesterday.  He first stated that I had in the past advised against repurchases generally.  This is not true, and I’m enclosing material from the 1984 annual report where I discuss the conditions under which I strongly favor repurchases.  This position has been repeated many times since then, both in annual reports and in interviews.

Mr. Kaminsky also made the statement that the estate that was a seller was better off by selling in 2012 than 2013.  This, too, was incorrect.  Estates receive a stepped-up basis upon death and therefore the estate did not have a gain regardless of when the stock was sold.  The principle of stepped-up basis has been incorporated in the tax code for many decades.

Warren Buffett

Warren Buffett Email