Subject: Re: Berkshire and SBC
Still reading the Bloomstran Semper Augustus letter which is excellent. On p.115, it outlines how the S&P has spent as a whole over half its cash flow on buybacks without denting the share count because of the expensive SBC. Nuts! BRK has retired 12.6% of its shares since 2018 spending a much smaller % of its investable cash flow with Zero SBC. Thank you, Warren!!!