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Market Extra: Warren Buffett explains why Berkshire can’t find companies to buy at a ‘sensible’ price

Forget bargains, when it comes to corporate acquisitions there were no companies to be had over the last year at even a “sensible purchase price,” according to billionaire investor Warren Buffett.

In his annual letter to shareholders of Berkshire Hathaway Inc. BRK.A, +0.87%BRK.B, +1.01% Buffett expressed continued frustration over the company’s growing pile of cash, which hit $116 billion at the end of fiscal 2017 versus $84 billion a year earlier. It’s been more than two years since Berkshire’s last major acquisition, the $32 billion purchase of Precision Castparts.

The problem, Buffett implied, seems to lie partly with other chief executives, who seem characteristically ready to open their wallets regardless of price—a game he says Berkshire will never play.

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