After the market closed today, Berkshire Hathaway announced a major liberalization in its policy for buying back its shares. After release of its second quarter results on August 3, Berkshire may buy back its shares at any time when both Warren Buffett and Charlie Munger agree that the price per share of Berkshire is below its intrinsic value. Previously, Berkshire bought back its shares only if they were below 1.2 times book value. At today’s closing price of $288,500 per class A share, Berkshire is valued at 1.37 times its March 31, 2018 book value of $211,184. At the end of the first quarter, Berkshire’s cash equaled $109 billion. Berkshire has set a minimum standard of $20 billion cash on its balance sheet.