Warren Buffett used part of his annual letter to Berkshire Hathaway shareholders to tout the benefits of stocks buybacks. Find out more
“When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue ,” wrote Buffett, who himself is a long-time Democrat.Advertisement 3“Any politician, regardless of the aisle side, should stand up and be at attention to a statement like that,” said Smead, who is with Phoenix-based Smead Capital Management.
“I think investors — whether they be investors in Berkshire or just students of Berkshire — look to him for more and I think they may come away wanting more,” CFRA Research analyst Cathy Seifert said.
So those bottom line numbers were again distorted by the value of Berkshire’s sizeable stock portfolio. That’s why Buffett maintains that operating earnings are a better measure of Berkshire’s performance because they exclude derivatives and investments. But by that measure, Berkshire’s operating earnings also declined to US$6.7 billion, or US$4,584.46 per Class A share, from the previous year’s US$7.3 billion, or US$4,904.23 per Class A share.
Berkshire’s performance tends to follow whatever the U.S. economy is doing because so many of its dozens of manufacturing, utility and retail businesses follow those trends. In many ways, the conglomerate is a barometer of the economy.
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