Sport illustrations by Storyset
Warren Buffett, the ninth richest person in the world with a net worth of $112 billion, recently expressed support for buybacks in his letter to shareholders of Berkshire Hathaway, his company. Buybacks are similar to powering up or burning crypto, and Buffett believes that circulating shares should be bought back by Berkshire Hathaway stakeholders.
Buffett dismisses those who oppose buybacks as either financially unsound or using big words to manipulate others. That's why I support those who power up Hive and Leo whenever possible. While I haven't been the most faithful on power-up days, I try my best to power up before taking profit, as it's a win-win situation: I can save and help the ecosystem at the same time.
In his letter, Buffett praised his partner Charlie Munger for their long-term collaboration and thanked him for their progress in achieving the American Dream. He also explained that companies like Apple and American Express have efficient buyback programs, but if only they were involved in Web3, they would know how easy it is to "buy back Hive."
While it's cool that many of these big companies are by Americans and for Americans, the world is watching how easy it has become to involve everyone in success, as Hive does. The environment on Hive is growing to accept everyone from everywhere, and the rewards of this inclusivity will be hard to ignore in time. When there is global adoption of blockchain, what we have built over time will be too significant to ignore.
In 2021, the buyback program spent $27 billion without any external opportunities, but this year, less than half that amount was spent, and many of their stakeholders sold off their shares. Additionally, Berkshire spent $11.6 billion on an insurance company, further breaking the company's value.
I usually have fun comparing all these big companies to Hive so that we know what we have here. We are sitting on gold, and I hope we realize it.
Let me know what you think in the comments section below.
Posted Using LeoFinance Beta