About $51bn poured into buybacks since policy change
Warren Buffett at an annual shareholder meeting in Omaha, Nebraska, the US. Picture: REUTERS/SCOTT MORGAN
Buffett, Berkshire’s chair and CEO, has built Berkshire into a sprawling conglomerate valued at more than $650bn, but that immense size has heaped pressure on his need for what he deemed an “elephant-sized” acquisition to ramp up Berkshire’s growth. It is a marked shift for a CEO who previously shunned buybacks. For years, Buffett preferred large deals and spending money snapping up other company’s stocks over repurchasing Berkshire’s own shares. But that changed in 2018 when the company’s board lifted a cap on buybacks, giving Buffett and his longtime business partner, Charlie Munger, more flexibility to parcel out profits.
“Buybacks were fine, but cash balances increased again,” Shanahan said. “Cash is now approaching $150bn. That certainly was unexpected earlier this calendar year. I would have thought they would have been able to manage that lower with a combination of investments, acquisitions and buybacks.”
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Warren Buffett spends more on Berkshire buybacks than on Apple stocksAbout $51bn poured into buybacks since policy change
Read more »
Warren Buffett spends more on Berkshire buybacks than on Apple stocksAbout $51bn poured into buybacks since policy change
Read more »
LETTER: Too many greedy cooks will spoil the brothCoalitions mean politicians will spend their days fighting one another instead of improving the lives of citizens
Read more »
US House passes Joe Biden’s infrastructure bill, largest in decadesThe historic package is a victory for the president but he and Nancy Pelosi were unable to secure an on agreement on a tax and spending package
Read more »
Therapist in education department pay bungle awarded nearly R1mAn occupational therapist who has spent nine years fighting for a pay rise she was entitled to is in line for a payout of nearly R1m after achieving victory.
Read more »
US House passes Joe Biden’s infrastructure bill, largest in decadesThe historic package is a victory for the president but he and Nancy Pelosi were unable to secure an on agreement on a tax and spending package
Read more »