Commentary
Warren Buffett defended stock buybacks in Berkshire Hathaway Inc.’s  2022 Annual Report (pdf), pushing back on those railing against the practice he believes benefits all shareholders.
“When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive).”
The media latched on to this quote with both hands, apparently not taking the time to read what Warren Buffett actually wrote in his annual letter.
“The math isn’t complicated: When the share count goes down, your interest in our many businesses goes up. Every small bit helps if repurchases are made at value-accretive prices….