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... The first law of capital allocation – whether the money is slated for acquisitions or share repurchases – is that what is smart at one price is dumb at another. (One CEO who always stresses the price/value factor in repurchase decisions is Jamie Dimon at J.P. Morgan; I recommend that you read his annual letter.)\n

Warren Buffett, Chairman's Letter - 2011. Berkshire Hathaway (February 25, 2012).

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