Buffet said the large buyback was done to enhance the intrinsic value for shareholders while still leaving plenty of money to pounce on opportunities. Berkshire Hathaway has $138.3 billion in cash and short-term Treasury bonds available, as of the fourth quarter.

However, Buffett did take a shot at other CEOs buying back stock. “American CEOs have an embarrassing record of devoting more company funds to repurchases when prices have risen than when they have tanked,” he wrote.

Read the full article from The Wall Street Journal.