Berkshire, against its own record
$4.5B
Of its own stock, bought back by Berkshire in Q2 2026.
After six quarters with none, Q3 2024 to Q4 2025.
The letters set a test for a buyback. Read it, then look at the bars.
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For continuing shareholders, however, repurchases only make sense if the shares are bought at a price below intrinsic value.
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In no way do we think that Berkshire shares should be repurchased at simply any price.
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Same idea The full quarter · What the letters say · What Q3 2026 will show