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Leigh Baldwin & Co.

112 Albany Street, Cazenovia, NY 13035 | Phone: (315) 655-2964 Toll Free: 1-800-659-8044

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Diamonds and Dogs

7/18/18

Warren Buffett changing his tune. Berkshire Hathaway (BRK-B) is jumping 5% after billionaire chairman, Warren Buffett has changed his mind and will now allocate capital to stock repurchases when he believes the price is below Berkshire's "intrinsic value." The financial conglomerate has not done so since 2012.Berkshire's old buyback policy prohibited buybacks when the stock price exceeded 1.2 times book value per share, or assets minus liabilities. The Omaha, Nebraska-based company's stock had been trading at closer to a 1.4 times multiple. Berkshire's cash and equivalents, which totaled $108.6 billion 03 20% of their market cap.

Another CEO stepped down. Texas Instruments (TXN) is modestly lower as CEO Brian Crutcher has resigned after what the company described as violations "related to personal behavior that is not consistent with our ethics and core values." Crutcher, who worked at Texas Instruments for 22 years, had been serving as CEO for just six weeks, but has been with the firm for 22 years. A number of CEO have stepped down recently including the CEOs at Intel, Barnes & Noble, Athenahealth, Wynn Resorts and many others.   

Diamonds and Dogs market commentary is a journal of daily observations on anything that happens to be of interest to our author. Obviously, our primary focus is the stock market and world economic events, but for this page we have no defined topics. We want this page to be dedicated to the interests, concerns, and possibly to the financial gain of our clients and friends. All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.