Warren Buffett published his widely read annual letter to Berkshire Hathaway shareholders on Saturday.
In his letter, released with Berkshire's annual report, the 92-year-old investor defended stock buybacks and said he believes they benefit all shareholders.
- The "Oracle of Omaha" referred to stock buyback critics as "either an economic illiterate or a silver-tongued demagogue."
- Berkshire Hathaway Inc. spent a record $27B on buybacks in 2021, though that amount dropped to $8B in 2022.
- Buffett believes buybacks are beneficial to shareholders as they provide a lift to per-share intrinsic value.
- Berkshire's big annual meeting in May in Omaha, Nebraska, is nicknamed "Woodstock for Capitalists."
- The full text of Warren Buffett's letter to Berkshire Hathaway Inc. shareholders is available here.
