Sep 1, 2023Liked by Kingswell

Re: share repurchases - would be interesting to see a list of “net” buybacks since many of those mentioned, starting with AAPL, have to repurchase shares just to keep the total share count even.

Expand full comment

Yep, I'd love to see a list of the top net repurchasers, too. As you said, that's obviously more important than just who's spending the most on buybacks. And, you're right, a bunch of the names on the Reuters list are just balancing out SBC with their repurchases.

Good news about the Berkshire-related companies on the list, though -- they have significantly reduced their outstanding share counts over this period. Apple's share count is down nearly 30% since 2016 (when Berkshire started buying) and Bank of America's is down 26.1% in the last decade.

Expand full comment