One of the underappreciated aspects of Warren Buffett’s leadership of Berkshire Hathaway over the past 60 years has been his sparing issuance of Berkshire stock. Buffett’s reluctance to issue stock reflects his view that his job is to build Berkshire’s intrinsic value per share. The per-share part of that equation is critical; Berkshire stock would likely be at a fraction of its current level if Buffett issued gobs of shares for acquisitions rather than using cash from internally generated profits.
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A Secret to Buffett’s Success at Berkshire: Issue Little Stock for Deals, None to Employees
Published 2 months ago
Aug 13, 2025 at 7:00 AM
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