Berkshire Hathaway Inc. defended corporate buybacks as a “deeply moral” act when done in the interest of shareholders. In response to a question at Berkshire’s annual meeting Saturcay about criticism of buybacks by politicians and other critics, Munger said that repurchases made solely to push the price of the stock higher are immoral but that critics of buybacks that are in the interest of shareholders were “bonkers.” Berkshire repurchased $6.6 billion worth of shares in the first quarter, a slow down from a pace of $9 billion a quarter in the second half of 2020.

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