Not-So-Secret Weapon | InvestED Podcast |

A crystal ball would be the ultimate tool for any investor, but given that we’re not living in a fantasy world, how do top investors prepare for an uncertain future?
With the inevitability of market downturns, finding a balance between generating returns and being ready to strike when the iron is hot can be a tricky position to navigate. Discovering that equilibrium, along with the patience to hold on through the ups and downs once you’ve bought into a great company, can be what makes or breaks a portfolio in the long run.
On this week’s episode, the deep analysis of the 2023 Berkshire Hathaway shareholder letter continues as Phil and Danielle wring every ounce of wisdom from Buffett’s annual communication.
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[@desireelewis1100]

Is that Berkshire price still 120 % of Book value

[@PhilTownRule1Investing]

Thanks for the question. As Berkshire Hathaway's cash pile grows, it becomes more and more difficult to find places to put that money, yet Warren still has a responsibility to his shareholders to generate a return. Perhaps that is why the Berkshire board made an adjustment to the buyback policy a few years ago. Famously, Berkshire Hathaway for years had a buyback policy that allowed Warren and Charlie to repurchase shares when they were trading at a price up to 120% of Book Value. Back in 2018, Berkshire adjusted their buyback policy to allow repurchases when both Warren and Charlie thought that Berkshire's share price was trading conservatively below Berkshire's intrinsic value. It will be interesting to see if, and how this policy may change going forward.
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