Warren Buffett says he's "very comfortable" with Berkshire Hathaway's decision to buy back its shares when they are priced at less than 110 percent of book value, but could be comfortable with a "somewhat higher" level.
Buffett tells shareholders at Berkshire's annual meeting in Omaha that he doesn't try to get people to buy Berkshire stock when he thinks it is overvalued. And when Berkshire does buy back shares it needs to let the sellers know it thinks the price is too cheap.
Too often, he says, companies buy back shares when the price is too high, sometimes due to a CEO's outsized ego.
Current Berkshire stock prices:
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