{
  "id": 19200919,
  "title": "Warren Buffett's Rule for Stock Buybacks Is Very Specific. Berkshire Spent a Record $9.6 Billion on Them Last Quarter.",
  "url": "https://urgent.news/2026/11/09/warren-buffetts-rule-for-stock-buybacks-is-very-specific-berkshire",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-09T19:23:02.000Z",
  "source": {
    "name": "Motley Fool",
    "slug": "motley-fool",
    "url": "https://www.fool.com/investing/2026/11/09/warren-buffett-s-rule-for-stock-buybacks-is-very-specific-berkshire-spent-a-record-usd9-6-billion-on-them-last-quarter/?source=iedfolrf0000001"
  },
  "original_language": "en",
  "account": "Berkshire Hathaway made a record $9.6 billion in stock buybacks in the third quarter of 2026, surpassing its previous record of nearly $9.3 billion from the same quarter in 2020. The company only repurchases shares if management believes they are trading at a discount to the business's intrinsic value, which is conservatively calculated. Chairman Emeritus Warren Buffett outlined this rule in his 2011 shareholder letter. The company's stock trades near $570 per share, about 12% above its average price in September. Berkshire's CEO and Chairman, Greg Abel and Howard Buffett, now determine if the buyback price is below Berkshire's intrinsic value. The company also maintains a minimum of $30 billion in cash and Treasury bills. Since 2018, Berkshire has not set a price limit for buybacks, allowing it to purchase shares at higher prices than in the past. The buybacks have accelerated significantly, with no repurchases in 2025, $235 million in Q1 2026, $4.5 billion in Q2 2026, and $5.4 billion in September 2026.",
  "summary": "The rule boils down to two tests. Would the stock still pass them at today's price?",
  "key_points": [
    "Berkshire Hathaway spent $9.6 billion on stock buybacks in Q3 2026",
    "Buybacks only occur if shares trade below intrinsic value",
    "Intrinsic value calculated conservatively by Buffett and successors"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}