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Strategies & Market Trends : Buffettology

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From: Sr K	11/3/2018 1:38:19 PM
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Warren Buffett’s Berkshire Hathaway Repurchases More Than $900 Million of Stock Berkshire hasn’t repurchased shares since 2012, when it bought back about $1.3 billion in stock Berkshire changed its buyback policy in July. Previously the company could repurchase shares if the stock price was below 120% of book value. Under the new policy, Berkshire can buy back shares if Mr. Buffett and his business partner Charlie Munger believe that the stock price is below Berkshire’s intrinsic value. Messrs. Buffett and Munger don’t tell shareholders their estimate of Berkshire’s intrinsic value. Mr. Buffett has said the company’s book value is a less helpful metric than it used to be because Berkshire has shifted its focus toward operating businesses rather than stock investments. Mr. Buffett said on CNBC in August that Berkshire had bought back some shares “at what we know is a price where the continuing shareholders are going to be better off because we bought it.” Berkshire bought back shares at an average price of $312,806.74 per A share and $207.09 per B share. Mr. Buffett has cautioned shareholders in the past that there is no price at which he would definitely repurchase shares.

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