The problem with share buybacks is that most companies then go out and issue more shares via employee stock options. Berkshire is one of the few companies that doesn't issue options.
Thanks so much for the lovely letter. Only thing is, the meeting you mention must have taken place in a dream.
I am sitting with my pile of cash waiting for a call some Friday night or Saturday during the day from either Chairman Bernnake or Sec'y Paulson. Perhaps the call will be about Lehman. Not at $18, but at $2 per share. My lawyers won't be as careless as Mr. Dimon's.
So, I think I'll wait a while longer. Good luck to you. If it isn't Lehman, maybe it will be Merrill or Morgan Stanley. Maybe AIG or Wachovia. I do love insurance and banking.
Share Buybacks: The Anti-Buffett [View article]
Berkshire is one of the few companies that doesn't issue options.
A Letter to Warren Buffett [View article]
Thanks so much for the lovely letter. Only thing is, the meeting you mention must have taken place in a dream.
I am sitting with my pile of cash waiting for a call some Friday night or Saturday during the day from either Chairman Bernnake or Sec'y Paulson. Perhaps the call will be about Lehman. Not at $18, but at $2 per share. My lawyers won't be as careless as Mr. Dimon's.
So, I think I'll wait a while longer. Good luck to you. If it isn't Lehman, maybe it will be Merrill or Morgan Stanley. Maybe AIG or Wachovia. I do love insurance and banking.
Best always,
Warren