Warren Buffett's Rule for Stock Buybacks Is Very Specific. Berkshire Spent a Record $9.6 Billion on Them Last Quarter.

Berkshire Hathaway spent a record $9.6 billion on stock buybacks in Q3 2026, averaging $507 per Class B share in September. The stock now trades near $570, about 12% higher than the September average. While the massive buyback signals management believed the stock was undervalued at those prices, the author suggests the current price of $570 is less compelling, trading at 26x operating earnings compared to the more attractive valuation when Berkshire was actively buying.