On page 7 in the 2011 annual report, Buffett wrote that, as a long-term shareholder, he wished for the IBM stock to languish throughout the following 5 years. T

On page 7 in the 2011 annual report, Buffett wrote that, as a long-term shareholder, he wished for the IBM stock to languish throughout the following 5 years. The reason was that IBM was planning large share repurchases, and the lower the stock price the higher the percentage of shares retired, and the larger Berkshire's stake would be in the long run.