Warren Buffett slams critics of stock buybacks as economically 'illiterate'
available in the market when they repurchase them and companies tend to tout such a move a creating value for investors.
"The math isn't complicated: When the share count goes down, your interest in our many businesses goes up. Every small bit helps if repurchases are made at value-accretive prices," Buffett said in his letter to shareholders."Just as surely, when a company overpays for repurchases, the continuing shareholders lose. At such times, gains flow only to the selling shareholders and to the friendly, but expensive, investment banker who recommended the foolish purchases.
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