Kiitokset tuosta Teerenpelit-jaksosta!
Tarkennuksena noihin Berkshire Hathawayn omien ostoihin. Faktana ei voida sanoa, ettei tällä hetkellä olisi ostot käynnissä. Ehkä on ehkä ei, todennäköisimmin kuitenkin kyllä. 1Q2020 ostivat $1.97 miljardilla ja sitä edellisellä $2.2 miljardilla, mikä toki kassaan nähden on varsin mitätön määrä. Mahdollisista 2Q2020 ostoista kuulemme vasta 1.8.2020.
Viimeisimmässä vuosikirjeessään Buffett antoi ymmärtää, etta voisivat ostaa agressiivisemminkin, jos vaan olisi enemmän vaihtoa. Lainaus tuolta viimeiseltä sivulta: https://www.berkshirehathaway.com/letters/2019ltr.pdf
In past reports, we’ve discussed both the sense and nonsense of stock repurchases. Our thinking, boiled down: Berkshire will buy back its stock only if a) Charlie and I believe that it is selling for less than it is worth and b) the company, upon completing the repurchase, is left with ample cash.
Calculations of intrinsic value are far from precise. Consequently, neither of us feels any urgency to buy an estimated $1 of value for a very real 95 cents. In 2019, the Berkshire price/value equation was modestly favorable at times, and we spent $5 billion in repurchasing about 1% of the company.
Over time, we want Berkshire’s share count to go down. If the price-to-value discount (as we estimate it) widens, we will likely become more aggressive in purchasing shares. We will not, however, prop the stock at any level.
Shareholders having at least $20 million in value of A or B shares and an inclination to sell shares to Berkshire may wish to have their broker contact Berkshire’s Mark Millard at 402-346-1400. We request that you phone Mark between 8:00-8:30 a.m. or 3:00-3:30 p.m. Central Time, calling only if you are ready to sell.
