### Comment:
So yes, if you buy back shares at exactly 1.0 BV/sh; you're right bv/sh stays the same. I thought you were just talking about book value the number not per share. Also important to note, buybacks above 1 bv/sh DECREASE bv/sh, and buybacks below bv/sh INCREASE bv/sh.

### REPLY:
Also worth noting that even buybacks above book value will raise book value over time since EPS goes up and that creates an acceleration effect on the book value per share.

### END.