Buffett on when buybacks make "nothing but sense"

Warren Buffett says that when Berkshire Hathaway has taken care of the "needs of the business" and still has excess cash, and when its stock is undervalued, then a buyback makes "nothing but sense."

In an interview with Yahoo Finance, Editor-in-Chief Andy Serwer noted that Berkshire had bought back almost $234 million of its stock in mid-December, just as the stock market was hitting a near-term low.

Serwer asked, "How did you know that?" Buffett responded with a laugh, "If I knew that I would have bought a lot more," pointing out that it was "not a big purchase for us, actually."

"But what's really intriguing is when it goes down a lot. I mean, when you're buying dollar bills for 60 or 70 cents, which periodically you get a chance to do in stocks, then assuming you've got the cash -- you don't want to ever get so that some surprise could really take you out in some way -- but if we've got excess cash, we'll buy it as fast as we can."

Yahoo Finance has been publishing clips from an interview with Buffett to help promote its live stream of the upcoming Berkshire shareholder meeting.

Recently they've covered the "total discretion" Berkshire's two portfolio managers have for their stock decisions and Buffett's keys to success.

Buffett: "You're just seeing the start of LeBron"

Basketball star LeBron James is on Time's "100 Most Influential People" list for 2019. His friend Warren Buffett wrote a tribute to him for the magazine.

They met filming a skit for a Berkshire annual meeting. "Since that day, I’ve been impressed with his leadership skills, his sharp mind and his ability to stay grounded... He’s kept his head, and that’s not easy."

With praise for James' "I Promise School" in Akron, Buffett predicts, "As great as he has been so far—on and off the court—you’re just seeing the start of LeBron." 

BUFFETT AROUND THE INTERNET

• Markets Insider looks at 12 predictions Buffett has made and how they've turned out.
  
  
• Yahoo Finance reports on Bill Ackman thanking Buffett for the turnaround of Ackman's hedge fund, Pershing Square Capital.
  
  

• CNBC's Make It recalls a piece of Buffett advice for young people with this headline: "Ignoring this is like 'leaving a car out in hailstorms.'"

HIGHLIGHTS FROM THE ARCHIVE

There are three new additions to our Warren Buffett Archive this week, all of them interviews with "Squawk Box" co-anchor Becky Quick:

• In a March 28, 2019 interview at a Texas fundraising event, Buffett says he strongly supports free trade, but thinks the U.S. has an obligation to help people who become "roadkill" as a result of economic forces beyond their control.
  
  
• In his annual three-hour (two hours without commercials) "Ask Warren" appearance on February 25, 2019, Buffett covers many topics, including an admission he paid too much in Berkshire's Kraft Heinz deal.
  
• We went back to February 26, 2018 for a taped interview that is now available in its entirety for the first time. In it, Buffett recalls how he got started as a money manager for others in the 1950s and reflects on how Berkshire Hathaway, and his own fame, have grown over the years.

BERKSHIRE STOCK WATCH

Berkshire Hathaway Class A shares closed at $315,330 Thursday (the stock market is closed today for Good Friday), up 4.7% over the previous four weeks, and up 5.0% from one year ago.

Berkshire Hathaway Class B shares closed at $209.99, up 4.7% over the previous four weeks, and up 4.8% from one year ago.

The benchmark S&P 500 index closed at 2905.03, up 3.7% over the previous four weeks, and up 7.9% from one year ago.

BERKSHIRE'S TOP STOCK HOLDINGS 

Berkshire's top stock holdings by market value, based on today's closing prices. The number of shares held is as of December 31, 2018, as disclosed in the company's February 14 13-F SEC filing.

The full list of holdings and current market values is available from CNBC.com's Berkshire Hathaway Portfolio Tracker.

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