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The week's question
In March 2025, in the thread "Re: OT, out", Umm asked the members: "Do you think it is because America is made up of magical soil that makes businesses based in America magically profitable?" This week it is put to everyone again. The button below opens the small thread re-asking it - read what others have said so far, then give your own answer as an ordinary reply.
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Stocks A to Z / Stocks B / Berkshire Hathaway (BRK.A)
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Author: mungofitch ✹✺🐝 SILVER
SHREWD
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Number: of 22353 
Subject: Re: BRK experts in denial
Date: 03/27/25 9:17 AM
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Buffett stopped all buybacks around the $470 per B mark.

FWIW, many of us believe he stopped before that, and that those transactions were price-insensitive purchases from long time shareholders. I would be a bit hesitant to read too much into those.
To be specific, there has never been a buyback anywhere near $470/B, so far the highest monthly average price paid has been $357.22. Only A shares have been repurchased since November 2023.

I personally don't believe any buybacks have been done for economic reasons above 1.5 times known book. Of course that might change, or I might be wrong. FWIW, the highest paid for B shares so far has been 1.48.

This tea-leaf-reading about what can be inferred from specific buybacks has nothing to do with the simpler observations that
* real value per share had done very nicely, and has kept rising through thick and thin, and will presumably continue to do so for some time to come, and
* valuation levels are higher than they have been in the last 17 years, so the price return from here will be poor for a while unless these valuation levels last (unlikely in the extreme, but always possible).

Jim
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This community has written 21,861 posts about Berkshire Hathaway. The article-length ones it recommended most:
BRK: Why Not XOM? · 62 recs · 2024
Second quarter comments · 60 recs · 2023
Berkshire's Profit Contributors · 58 recs · 2023
Summary of 2Q 2026 · 55 recs · 2026
3Q Summary · 53 recs · 2024
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