Warren Buffett's Berkshire Hathaway bought back $928m of its own stock in Q3, a move that indicates the chairman is struggling to find any attractive investment options for his firm's large cash pile.
The decision, which was announced in a quarterly filing on Saturday, is the first time the conglomerate has repurchased shares since 2012 and comes after the board relaxed rules around share buybacks in July. The firm has not made a major acquisition for two years since it snapped up aircraft parts maker Precision Castparts in 2016. In February, Buffett pointed to "cheap debt" as the driver behind a "purchasing frenzy" of M&A activity, as prices for "far from spectacular" businesses hit an all-time high. He added Berkshire had been less active in M&A activity as it wanted "a sensib...
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