(May 4, 2019) Buffett answers several questions about the prospect of Berkshire Hathaway stock repurchases, saying "we will spend a lot of money" if the price is right, while Charlie Munger predicts "we'll get a little more liberal in repurchasing shares." Buffett also proclaims himself "a card-carrying capitalist" who believes some government regulation is needed even though it's "irritating," and complains that shares of Apple, Berkshire's largest holding, keep going higher.
In 2018, Berkshire's 0.4 percent increase in per-share book value and a 2.8 percent gain for its stock both did better than the S&P's 4.4 percent drop. In his annual letter, Buffett wrote that book value, his favorite metric for years had "lost the relevance it once had," in part because of the company's ongoing shift from a vehicle to hold stocks into a conglomerate getting most of its value from its operating businesses. As a result, book value made its last appearance in the tabulation of results that starts off each year's letter.Read 2018 Letter (Dated Feb. 23, 2019)