Buffett also outlined how Berkshire Hathaway changed some of its investing principles, but kept others intact.
After buying back stock at a price of 120% of book value in late 2012, Buffett said on Friday he will use that ratio as a target to buy back shares.
"We originally said we would not pay more than 110% of book value, but that proved unrealistic. Therefore, we increased the limit to 120% in December when a large block became available at about 116% of book value."
While Berkshire raised the price at which it might consider buying back stock, succumbing to some shareholder demands, Buffett was not ready to commit to paying out a dividend, a policy that the 'Oracle' said has been pressed by many of his friends and investors.Buffett indicated that Berkshire Hathaway will only pay a dividend if the company's book value growth continues to underperform overall markets - a real concern according to 2012 results. "
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