Berkshire’s Repurchase Policy: Too Little, Too Late? | Value Investing News

Berkshire’s Repurchase Policy: Too Little, Too Late?

  • Berkshire typically issues a very small number of shares every year so we cannot simply subtract the October 25 share count from the September 30 share count.
  • One cannot help but wonder how much lower Berkshire’s share count might be today had the present repurchase policy been adopted in 2011 rather than the policy that imposed the 110 percent of book value limit.
  • Would Berkshire shareholders have been better off with aggressive repurchase activity at various times since 2011 given that the stock price has traded below management’s view of intrinsic value for much of this time?
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