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Buffett’s Berkshire has a record of $ 24.7 billion in treasury stock

(Bloomberg) – Warren Buffett’s Berkshire Hathaway Inc. bought back a record $ 24.7 billion of its own shares last year and said more are to come as the conglomerate struggled to find other ways to get its own put in massive piles of cash $ 9 billion worth of stocks in the fourth quarter was a record high from the previous three-month period, Buffett said in his annual letter to investors on Saturday: “Berkshire has repurchased more stocks since year-end and will likely match its number Shares will continue to decline in the future, “Buffett, 90, said in the letter. “This promotion increased your stake in all of Berkshire’s businesses by 5.2% without touching your wallet.” Buffett’s letter, a closely watched letter from one of the world’s most prestigious investors, devoted much of it to the impact of buybacks, one of Berkshire’s largest capital expenditures in the past year, as “no significant acquisitions were made.” He also shared his thoughts on conglomerate strategy, praising companies like Berkshire’s insurance business and railroad. He shied away from some of the day’s most controversial topics, including politics, pandemic, and racial equality. But Buffett stood by his optimism for America, saying that progress towards a “more perfect union” is inconsistent but is still evolving. “Our unwavering conclusion: never bet America,” he said of the cash pile, which fell 5% to $ 138.3 billion in the fourth quarter. Buffett has struggled to keep up with the tide in recent years as Berkshire tossed cash faster than he could find higher-yielding assets. Apple Inc. is one of the top three most valuable assets in Berkshire at $ 120 billion, Buffett said. The technology company has announced that it will also buy back its own shares. “The math of buybacks is slowly starting to wear off, but it can be powerful over time,” Buffett said. “The process provides an easy way for investors to own an ever-growing proportion of exceptional companies.” Regardless, Buffett admitted that the $ 11 billion write-down that Berkshire made last year was almost entirely due to what he admitted as a “mistake” in 2016. when he paid too much for Precision Castparts. Precision is a good company, Buffett said, but he admitted he made a huge mistake: “However, I was wrong when assessing the average amount of future earnings, and consequently I was wrong about the right price for Calculating the deal, “Buffett said in the letter. Stock PortfolioSwings in Berkshire’s massive stock portfolio of $ 281.2 billion is poured into the company’s net income through an accounting technique, up 23 year-over-year in the fourth quarter % to $ 35.8 billion. Berkshire Class A shares rose roughly 2.4% last year, lagging the 16% rise of the S&P 500. The billionaire only touched one briefly from The Biggest Questions To Ask About Berkshire – How Long Might He Stay In Charge. He referred again to a favorite CEO, Ms. Blumkin, who started Nebraska Furniture Mart. She worked until her 103rd Le senior year – “a ridiculously early retirement age as judged by Charlie and me,” wrote Buffett, referring to Charlie Munger, 97, a Berkshire vice chairman. For more articles like this, visit bloomberg.comSubscribe Now, stay up to date with the most trusted business news source. © 2021 Bloomberg LP

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