Subject: Re: Chevron Buyback & Dividend Raise
speaking of buybacks that matter to Berkshire:

Amex is a great case study. With a quote on the timing of the buybacks :


"Between 1998 and 2005, Berkshire's stake climbed from 11.2% to 12%. In 2020, AXP became Berkshire's largest holding by percentage."


'Now we own 20% of American Express,' Buffett said at the 2022 Annual Berkshire Hathaway Shareholders Meeting. 'That happens to have worked out extremely well. If they overpaid for the stock and all that ' it doesn't solve every problem ' but it's a wonderful thing if you've got an asset you like and they take your ownership interest up.'


Buybacks are interesting to me in that they seem to illicit a lot of negative reactions. Far less reaction to dividends.


https://finance.yahoo.com/news...