Why is this 2018 change so significant?

Berkshire Hathaway has only changed its buyback philosophy 3 times in almost 60 years (2011, 2012 and 2018). These changes are not done without lots of intentional considerations. Since this last share repurchase authorization change in 2018, Berkshire Hathaway has consistently been repurchasing shares of the company. In fact, Berkshire has repurchased over 13% of the company shares and is generating cash such that they still have record amounts of cash on hand ($325+ billion as of September 2024). The BRK.A share price before this 2018 change was $288,500.

On September 30, 2024, BRK.A shares closed at $691,180 which is a 140% return since July 2018. This exceeds S&P returns over that same time period (~122% total return with dividends reinvested).

What do we know? Berkshire is still trading at less than its intrinsic valuation (conservatively determined) as defined in the Berkshire's share repurchase authorization. All I know, is Warren has proven very conservative over the last 50-60 years. These repurchases are added significant value to the remaining shareholders. So what is the intrinsic value of Berkshire Hathaway?

In Berkshire's August 2024 SEC filing, share repurchases continued (but at a reduced rate) even as the share price continues to increase over $625,000+ share.

In Berkshire's November 2, 2024 SEC filing, it no share repurchase in Q3 2024 (share price averaged ~$663,000 /share and ended the quarter at ~$690,000/ share