How Holding Companies Use Treasury Stock to Manage Valuation

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How Holding Companies Use Treasury Stock to Manage Valuation

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Episode 33 of The Holding Company with Fexingo dives into treasury stock—the shares a holding company repurchases but does not cancel. Lucas and Luna examine how Berkshire Hathaway has accumulated over $140 billion in treasury stock since 2020, and why that matters for book value per share and earnings per share. They compare Berkshire's approach to Alphabet's $70 billion buyback program, where Alphabet retires shares, and discuss the strategic trade-offs: treasury stock gives a holding company a reservoir of shares for acquisitions, employee compensation, or future reissuance at higher prices. The episode also covers the accounting mechanics—why treasury stock reduces shareholders' equity on the balance sheet—and the tax implications for investors. Listeners learn why Warren Buffett treats treasury stock as a capital allocation tool, not just a way to boost EPS, and why holding companies in Japan and Europe use treasury stock differently from their US counterparts. A concrete case: how Berkshire used treasury stock to fund the Alleghany acquisition without issuing new common shares. #TreasuryStock #BerkshireHathaway #ShareBuybacks #CapitalAllocation #WarrenBuffett #Alphabet #ShareholdersEquity #BookValuePerShare #EarningsPerShare #AlleghanyAcquisition #HoldingCompany #CorporateFinance #BalanceSheet #TaxStrategy #JapaneseHoldingCompanies #EuropeanHoldingCompanies #FexingoBusiness #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo

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