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Berkshire Rallies on Buffett’s ‘Game Changer’ for Share Buybacks

Katherine Chiglinsky, Noah Buhayar
Berkshire Rallies on Buffett’s ‘Game Changer’ for Share Buybacks 

Berkshire Hathaway Inc. shares climbed the most in four months after the company signaled that investors may soon get their hands on part of a $109 billion mountain of cash that’s bedeviling Warren Buffett. The firm’s board announced late Tuesday that it’s removing a cap on stock buybacks, giving the Berkshire chairman and chief executive officer greater leeway to parcel out profits, rather than hunt for more acquisitions. Buffett and Vice Chairman Charlie Munger can now make repurchases whenever they both believe the price “is below Berkshire’s intrinsic value, conservatively determined,” the company said.