[This may be one of the very few stock buybacks to make sense for stockholders – because company profits are growing quickly and other opportunities are hard to find. -Bob]
By Associated Press – Re-Blogged From Newsmax
Warren Buffett’s company more than quadrupled its third-quarter profits because of a huge paper gain in the value of its investments, although its insurance and railroad businesses also improved.
Notably, Buffett’s company bought back nearly $1 billion in stock during the quarter — the first time that’s happened in years — a possible sign that the world’s most famous investor has been unable to find attractive investments to purchase.