(Reuters) - Warren Buffett said on Friday he is still eager to buy companies and stocks, even as his conglomerate Berkshire Hathaway launches its first-ever share buyback program.
Buffett, in a CNBC interview, said the repurchases will not stop the company from making acquisitions or spending on infrastructure for its portfolio of companies.
The "Oracle of Omaha" also reiterated his support for Bank of America Corp even as he acknowledged it will take the bank time to solve its problems.
Buffett said Berkshire bought a net $4 billion of common stock on the market in the third quarter as sharp declines presented opportunities to invest cheaply.
But it is the investment in its own shares that stunned the market. Berkshire announced the program Monday, saying it would pay up to 10 percent above book value for stock. Investors said the program meant Berkshire was probably undervalued by 30 percent or more.
Buffett said the paperwork to start the buybacks was completed on Thursday.
Link to entire article: http://www.reuters.com/article/2011/09/30/us-berkshire-idUSTRE78T2S520110930
Buffett, in a CNBC interview, said the repurchases will not stop the company from making acquisitions or spending on infrastructure for its portfolio of companies.
The "Oracle of Omaha" also reiterated his support for Bank of America Corp even as he acknowledged it will take the bank time to solve its problems.
Buffett said Berkshire bought a net $4 billion of common stock on the market in the third quarter as sharp declines presented opportunities to invest cheaply.
But it is the investment in its own shares that stunned the market. Berkshire announced the program Monday, saying it would pay up to 10 percent above book value for stock. Investors said the program meant Berkshire was probably undervalued by 30 percent or more.
Buffett said the paperwork to start the buybacks was completed on Thursday.
Link to entire article: http://www.reuters.com/article/2011/09/30/us-berkshire-idUSTRE78T2S520110930
