Friday, April 19, 2024

Berkshire Hathaway continues to fight challenge of having so much cash

If the global pandemic has taught us anything, it is that we never know the troubles someone may be facing. Take Warren Buffett, for example. The guy just started his job as CEO of Berkshire Hathaway 51 years ago, and he is already saddled with the burden of finding ways to spend the company’s stockpile of cash. To ease the pain somewhat, the company purchased $24.7 billion USD of its own stock. The whippersnapper CEO had this to say about the transaction in his annual letter to shareholders: “That action increased your ownership in all of Berkshire’s businesses by 5.2% without requiring you to so much as touch your wallet.” In case you happen to find some change in the couch today, you might consider converting it to Berkshire Hathaway stock. Thanks to a four-digit drop in the price yesterday, to purchase three shares of BRK-A, you will only need to dish out $1,093,740 on the NYSE.


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