Berkshire plans stock buyback
Warren Buffett’s Berkshire Hathaway Inc. will repurchase shares for as much as 110 percent of their book value, saying the stock is undervalued after falling 17 percent this year. The shares jumped today in early trading. Buffett has shunned share buybacks, preferring to use the firm’s profits to buy companies and securities. The growth of Berkshire’s cash hoard makes it harder to effectively invest the proceeds, Buffett told investors at the company’s annual meeting in April, Bloomberg reported.
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