Here are the biggest takeaways from Warren Buffett’s annual letter
. Over the entire year, the company spent $5 billion on repurchasing its own stock.
The company posted net earnings of $29.2 billion in the year, up from a loss of $25.4 billion a year earlier when the company had to take a major write-down on its investment in Kraft Heinz Co. Operating earnings fell 23% in 2019 to $4.4 billion. Berkshire Hathaway's record cash pile was $128 billion at the end of 2019, down only slightly from $128.2 billion at the end of the third quarter.
He continued:"The adoption of the rule by the accounting profession, in fact, was a monumental shift in its own thinking. Before 2018, GAAP insisted - with an exception for companies whose business was to trade securities - that unrealized gains within a portfolio of stocks were never to be included in earnings and unrealized losses were to be included only if they were deemed"other than temporary.
"Over time, we want Berkshire's share gown to go down," Buffett wrote."If the price-to-value discount widens, we will likely become more aggressive in purchasing shares. We will not, however, prop up the stock at any level." Berkshire Hathaway loosened its rule around share buybacks in 2018 making it easier for Buffett and Munger to authorize buybacks when the repurchase price is"below Berkshire's intrinsic value,"
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