Abel Takes Helm, Buys Back $234M in Berkshire Shares

Greg Abel, the new CEO of Berkshire Hathaway, kicked off his tenure with a significant move, approving $234 million in share buybacks for both Class A and Class B shares. This marked the first repurchases since May 2024, adding to the $78 billion spent on buybacks since mid-2018. The move comes after a 21-month hiatus, during which Berkshire built a massive cash pile of $397 billion. Abels decision to buy back shares was triggered when the price-to-book ratio dipped to 1.4 in March, indicating a 40% premium. This aligns with Warren Buffetts philosophy of shrinking the share count to boost earnings per share and reward long-term holders. Support the show:Get a discount at https://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/c6827e2377d5eee1