In this latest Bloomberg column, I give some views on how the share repurchase fits into Buffett's plans -- which are changing.
UPDATE: Buffett with Betty Liu on Bloomberg TV says Berkshire has begun to buy back stock. Confirms it's undervalued. Has enough cash to continue to make acquisitions while buying back stock.
Today Berkshire Hathaway authorized a share repurchase at 10% over the book value of the stock. This is the first time since the end of the Internet bubble, which was the only other repurchase authorization that Berkshire has made. At that time, the announcement ran the stock up immediately and no shares were repurchased. The same will probably happen now.
The Financial Times article on Ted Weschler. As I noted, this is one of those "only at Berkshire" moments. Apart from the unusual way he was hired, though, Weschler has a strong investing track record, has managed a reasonable amount of money, and there are aspects of his background that would obviously appeal to Buffett. Last evening I attended an investor event at which several well-known managers were present. The #1 subject was Weschler.