Berkshire Scoops Up Its Own Stock While Pandemic Hits Profit
- Berkshire has repurchased a record $16 billion so far in 2020
- Every operating unit except energy business had profit drop
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Warren Buffett might have just found his next elephant-sized deal: Buying back his own stock.
Berkshire Hathaway Inc. spent $16 billion buying back its stock in the first nine months of 2020, more than triple its previous annual record. The repurchases even surpass many of Berkshire’s biggest investments in recent years, including 2019’s Occidental Petroleum Corp. financing deal, and total more than Berkshire has ever spent in one year buying Apple Inc. stock.