Revisions to Berkshire's share repurchase program could see more cash returned to shareholders.
We were surprised more by the timing than the move by wide-moat-rated Berkshire Hathaway to alter its share-buyback program to allow the firm to repurchase shares when CEO Warren Buffett and vice chairman Charlie Munger believe "the repurchase price is below Berkshire's intrinsic value, conservatively determined." This basically scraps the firm's previous buyback threshold, which required prices to be below 1.2 times book value per share, but still requires Berkshire to keep at least $20 billion...Berkshire Hathaway is a holding company. Co.'s subsidiaries are engaged in several business activities which include: underwriting private passenger automobile insurance; operation of a railroad system in North America; regulated electric and gas utility; manufacturing of products including industrial, consumer and building products; wholesale distribution of groceries and non-food items; provider of services including aviation pilot training, electronic components distribution and retailing businesses, including automotive dealerships; and manufactured housing and related consumer financing, transportation equipment, manufacturing and leasing, and furniture leasing.
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