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Berkshire Letterspublic · 49 docs
What did Buffett say about buybacks in the 2023 letter?

From the Berkshire shareholder letters:

  • Buybacks add value only when shares trade below a conservative estimate of intrinsic worth [1]
  • They should never be automatic or price-insensitive [2]
  • 2023 repurchases follow the same per-share value test used since 2011 [3]
3 sources
1 2023 Annual Letter2 2011 Annual Letter3 Owner’s Manual

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