Warren Buffett shuns buybacks even as Berkshire underperforms. Here's why

Warren Buffett is keeping his wallet closed. Berkshire Hathaway didn't repurchase any of its shares in the first nine months of 2025, even as the conglomerate's cash pile swelled to a record $382 billion . The restraint underscores Buffett's long-standing discipline: he buys back Berkshire stock only when he deems it undervalued. Buffett laid out that buyback philosophy in his 2018 annual letter to shareholders, saying he would repurchase Berkshire shares only when they trade below his estimate of their intrinsic value and when the company retains a comfortable cash cushion afterward. The Oracle of Omaha once stressed that Berkshire would use spare cash to buy back stock only when the discount is meaningful, and not as a way to support the stock price. "Our thinking, boiled down: Berkshire