时隔近两年伯克希尔再次回购！格雷格·阿贝尔上任后首次访谈：税后年薪全部购买伯克希尔，以后每一年都会如此……

Core Viewpoint - Berkshire Hathaway has resumed stock buybacks for the first time since May 2024, signaling a shift in capital allocation strategy under new CEO Greg Abel, who emphasizes the company's intrinsic value exceeding market price as a key factor for buybacks [6][7][10][13]. Group 1: Stock Buyback Strategy - The decision to buy back shares was made after a thorough evaluation of the company's intrinsic value compared to market price, consistent with Berkshire's long-standing policy [10][12][13]. - Abel personally invested approximately $15 million of his after-tax salary into Berkshire stock, demonstrating his confidence in the company and aligning his interests with shareholders [8][9][23][25]. - The buyback process involved a standard compliance procedure, including a 48-hour silent period following the 10-K report submission before purchases began [8][14]. Group 2: Capital Allocation Logic - Abel outlined three main areas for capital allocation: reinvesting in existing businesses, stock buybacks, and potential acquisitions of other companies [19][21][22]. - The company currently holds $373 billion in cash, which provides flexibility in capital deployment across these areas without compromising other investment opportunities [17][44]. - The decision to repurchase shares is based on a conservative assessment of intrinsic value, and the company will continue to buy back shares as long as the market price remains below this value [16][46]. Group 3: Insurance Business Performance - The insurance segment has faced challenges, with a reported decline in operating profit of over 29% in the last quarter, primarily due to increased competition and a decrease in underwriting profitability [91][92]. - The company remains disciplined in its underwriting approach, only taking on risks when the pricing is favorable [91][92]. Group 4: Future Outlook and Leadership - Abel expressed a commitment to maintaining open communication with shareholders and ensuring that the company's values remain consistent under his leadership [87][90]. - The company will continue to evaluate market opportunities and is prepared to act quickly when favorable conditions arise, reflecting a proactive investment strategy [49][56].