Warren Buffett's Berkshire Hathaway Inc on Saturday said stock market gains fueled a record quarterly profit, while the billionaire signaled investors are undervaluing his company by repurchasing another $9 billion of its stock. "The math of repurchases grinds away slowly, but can be powerful over time," Buffett wrote in his annual letter to Berkshire shareholders. Berkshire said quarterly operating income rose 14% to $5.02 billion, or approximately $3,252 per Class A share, from $4.42 billion, a year earlier. Net income, reflecting gains in stocks such as Apple Inc, rose 23% to $35.84 billion. Its stock buybacks dwarfed Berkshire's old record $5 billion from 2019.

Source: Mint February 27, 2021 16:41 UTC