Warren Buffett’s Berkshire Hathaway Inc on Saturday said stock market gains fueled a record quarterly profit, while the billionaire signaled investors are undervaluing his company by repurchasing another $9 billion of its stock. Berkshire’s fourth-quarter buybacks boosted the company’s overall stock repurchases to $24.7 billion in 2020, five times the record from a year earlier, and Berkshire appears to have repurchased another $4 billion or more in 2021. “The math of repurchases grinds away slowly, but can be powerful over time,” Buffett wrote in his annual letter to Berkshire shareholders. “The process offers a simple way for investors to own an ever-expanding portion of exceptional businesses.” Berkshire said quarterly operating income rose 14 percent to $5.02 billion, or approximately $3,252 per Class A share, from $4.42 billion, a year earlier. Net income, reflecting gains in stocks such as Apple Inc, rose 23 percent to $35.84 billion. Buffett believes net income …
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