- Warren Buffett’s Berkshire Hathaway Inc on Saturday said stock market gains fueled a record quarterly profit, while the billionaire signaled investors are undervaluing his company by repurchasing another $9 billion of its stock.
“The math of repurchases grinds away slowly, but can be powerful over time,” Buffett wrote in his annual letter to Berkshire shareholders. “The process offers a simple way for investors to own an ever-expanding portion of exceptional businesses.” “Broadly speaking, results were generally in line” with expectations, said Cathy Seifert, an analyst at CFRA Research.
Berkshire’s shares trailed the broader market significantly in 2019 and 2020, though they have outperformed in 2021. Its stock buybacks dwarfed Berkshire’s old record $5 billion from 2019. Results benefited from improved quarterly performance at the Geico auto insurer, where the rate of accident losses declined as people drove less, helping offset rebates that were offered to encourage policyholders to renew.
Berkshire said Precision’s margins began to improve in late 2020 and is likely to see further improvement in 2021.
I guess Stock Buy Backs are only evil if someone else does it.
Finally a win for Warren
free the Doge
LOL Stocks cannot be stocked for survival purposes. Finance is a ridiculous toxic bubble, a parasite worse than COVID.
Do you think this is what people really need right now?
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