 Good day, fellow investors. Did Buffett and Munger just go nuts? Well, Berkshire's stock price really did go nuts because they announced that they are lifting their book value cap on their buybacks. So with the huge pile of cash Berkshire and Buffett have now, the market and Bloomberg and everybody and those who bought into the stock expect that Berkshire will deploy that money on to buybacks. There is even a commentary on a Bloomberg article that they could spend between 30 and 40 billion per year in buying back Berkshire stocks. However, knowing Buffett, knowing Munger and knowing how they have been against the crazy buyback that's going on, the crazy buyback mania, this might be that those who went into buying Berkshire stock on this announcement went a little bit ahead of what Buffett and Munger have been doing and why they announced they are taking off the book market cap. Up till now, they said that they could repurchase stock of Berkshire, something that they did in 2010, 2011, 2012, if Berkshire's stock price is at 100% or below of Berkshire's book value. But there is a big, big change that happened this year and that's why they announced this. Let me show you. Of course, Bloomberg Berkshire relays on Buffett's game changer for share buybacks, but here is the release July 17. Berkshire says, today they authorized an amendment to Berkshire's share repurchase program. The earlier share repurchase program provided that the price paid for repurchases would not exceed 20% premium over the then current book value of such shares. However, they said that they are lifting it and everybody went ballistic about what will they do with their cash, especially as they limited their minimum cash pile to 20 billion. As they are sitting on above 100 billion now, everybody thinks that they will spend 100 billion or more on buybacks, but not so fast. Let me show you. Here is the fact that everybody's omitting here. This year, because of new accounting rules, they say that in the future quarterly and annual reports will severely distort Berkshire's net income figures and very often mislead commentators and investors. The new rule says that the net change in unrealized investment gains and losses in stocks we hold must be included in all the net income figures we report to you. If we go back to the annual report, investment gains and losses arise primarily from the sale redemption or exchange of investments. The timing of gains or losses can have a material effect on periodic earnings. Investment gains and losses included in earnings usually have minimal impact on the periodic changes in our consolidated shareholders' equity, since most of our investments are recorded at fair value with the unrealized gains and losses included in shareholders' equity as a component of accumulated other comprehensive income. However, as discussed, we adopted the new accounting standard on January 1, 2018 that changes the reporting of unrealized gains and losses on our investments in equity securities. Unrealized gains and losses on investments in equity securities will be included in our consolidated statements of earnings along with realized gains and losses from these positions. Upon the adoption of this accounting standard, we reclassified net after-tax unrealized gains of 61 billion related to our investments in equity securities from accumulated other comprehensive income to retained earnings. Now, why did they say that they will limit the price to book value and focus on intrinsic value? Because if the prices of the stocks they own significantly drops, then also their book value drops extremely fast, which means that if they have a 1.2 price-to-book value limit on buying, they will not be able to buy Berkshire's shares at what they think is a long-term intrinsic value, because the book value will be too low. And that's why they lifted it, at least in my opinion. I don't think, as they say, Buffett will not destroy shareholder value. They will always look where is the best deployment of the cash, so they will not chase and they will not push Berkshire's stock higher. They will have just limited two accounts for the new accounting rules, to account for potential big falls in book value that will put the book value much lower, much below the intrinsic value, even if it's just an accounting figure. So, I'm really interested in seeing what will happen next. Will Berkshire report buybacks in the next quarter, in billions and billions? I don't think so, because you see the result with the stock price, it is already up and I'm sure Buffett will not chase that stock price, pushing it higher and higher, because he has no interest in doing that and at this way above book value, he will not give back the value to shareholders. However, if stock prices fall and even Berkshire's book value falls, he might be buying at 1.5, 1.7 price-to-book value, because the stock price will be below intrinsic value and I think the intrinsic value for him is 10%, 7, 8, 9% at long-term fundamental earnings that will fluctuate with time, as always. So, he might want to take advantage of those fluctuations that will come and perhaps he is preparing for a stock market crash. Thank you for watching. Looking forward to your comments on this very, very interesting talk.