“ Berkshire hasn't repurchased any of its own shares since May 2024. Back then the stock's price-to-book value was 1.5-1.6x. As the valuation expanded, Berkshire paused all buyback activity and instead started buying roughly 4% yielding T-bills. Berkshire's stock is now back below 1.5x, which previously marked the buyback territory, and we could see the firm resuming purchases in Q4 2025–Q1 2026. The one flaw here is the cash on its balance sheet. $380B cash distorts the valuation picture, by having to pay, e.g., $1.485 for each $1 worth of shares. This isn't ideal mathematics, and either paying out a dividend (Buffett strongly opposed this in the past) or finding investment opportunities would be deemed appropriate at this stage.

With the fall in the stock price, Berkshire's price-to-book valuation has finally fallen below the 1.5x mark to 1.485x. It's fair to say, in the last 5 years investors had the opportunity to scoop up the shares for 0.9-1.5x; hence, I wouldn't call this a bargain, but gauging it against high valuations of the market (e.g., S&P 500 Blended P/E of 24.67x), this is becoming more and more attractive.“ seekingalpha.com - Berkshire keeps falling and we keep buying