Warren Buffett’s Berkshire Hathaway Inc. spent $24.7 billion to buy a record number of its shares in 2020 with more repurchases to come, the tycoon said in his annual letter to investors.
- $9 billion of shares were repurchased in the fourth quarter alone to match a record set in the previous three-month period, making repurchases one of the biggest spend for the year.
- Cash pile down 5% to $138.3 billion in the fourth quarter as Buffett struggles to keep pace with the flow in recent years.
- Buffett’s letter indicated Berkshire made “no sizable acquisitions” but he stood by his optimism on his country saying “Our unwavering conclusion: Never bet against America.”
- The $11-billion writedown taken last year was almost entirely due to a “mistake” in 2016 when Buffett paid too much for Precision Castparts.
- The 90-year-old billionaire hinted he intended to stay at the helm in the long-term and referenced Nebraska Furniture Mart CEO Mrs. Blumkin who worked until she was 103. Buffett said such an age was a “ridiculously premature retirement age” as judged by him and Berkshire vice chairman Charlie Munger, 97.
- Apple Inc. in the top three most-valuable assets of Berkshire at $120 billion, with the technology company planning to repurchase shares as well.
BRK.A: Nyse is down 0.88%
