BRK Changes BuyBack Policy to Remove 1.2 Times Book Value Restriction

Since 2012, Berkshire (BRK.A) has restricted buybacks to prices below 120 percent of the stock's book value, which is an estimate of the company's value after liabilities are subtracted from assets.
Given the company's massive cash pile of $120B+ , the rule change Remove 1.2 Times Book Value Restriction for share buybacks. It will not do so if it reduces its cash below $20 billion.

BRK has not done a good job deploying capital over last 3 years. A share buyback at $125 to $145 range over last 2-3 years would have been a good use of excess capital in the absence of any meaningful acquisitions.