Berkshire also signalled renewed confidence in its own stock, repurchasing US$6.9-billion in the quarter, and boosting total buybacks in 2021 to a record $27-billion. Buffett said Berkshire has repurchased another $1.2-billion of stock in 2022.
He also expressed confidence in Berkshire’s dozens of operating businesses such as the BNSF railroad and Geico auto insurer, after having gone six years since a major acquisition and letting Berkshire’s cash stake swell to $146.7-billion.Quarterly operating income rose 45 per cent to $7.29-billion, or approximately $4,931 per Class A share, from $5.02-billion a year earlier.
Net income rose 11 per cent to $39.65-billion from $35.84-billion, with both totals reflecting large gains from stocks such as Apple Inc. Apple alone represents 46 per cent of the $350.7-billion of stocks that Berkshire owns. Buffett considers net income a misleading performance measure because it includes gains and losses from stock holdings, regardless of what Berkshire buys or sells.
globebusiness Buffett. This is a disgrace.