Berkshire Weekend: Buffett on Stock Repurchases
Liz Claman of Fox Business Channel quotes or paraphrases the Berkshire chairman:
Buffett: I think 90% of the repurchase actitivity I’ve seen in last 5 yrs didn’t benefit shareholders - I think it’s because management thought it was right thing to do and investor relations said to do it. We will never buy our stock at a silly price. A significant % of corporate America has done that over the years.