Warren Buffett recommended to buy it several years ago if Steve Jobs believed that the stock was underpriced at the time. Buffett was describing to Jobs the advantages and disadvantages of potential ways to spend extra cash.

I'm re-iterating that this was several years ago!

Warren Buffett also never said anything himself about the stock being underpriced. It was all contingent on Jobs's opinion.

[Edit] Original transcript. Unfortunately pdf. Starts at "No, I've never bought Apple.". Stock was around 200 when Jobs talked to Buffett. http://fm.cnbc.com/applications/cnbc.com/resources/editorial...

Absolutely, and the best thing that can happen when a company is repurchasing its shares is for the shares to be as cheap as possible, so as to create the most value for shareholders.