(https://www.cnbc.com/2026/08/07/berkshire-earnings-may-prove-stock-is-cheap-and-that-abel-and-buffett-think-so-too.html) allegedly repurchased $8.5B in stock from April–July. The bulls are treating this as validation that Berkshire is undervalued. I see it differently: when a cash-generating machine that historically deployed capital into acquisitions and equity stakes suddenly pivots to self-dealing at record pace, it's a red flag, not a green light.