Warren Buffett has bought a stock based on a P/E ratio exactly never. He has also said: "My own thinking has changed drastically from 35 years ago when I was taught to favor tangible assets and to shun businesses whose value depended largely on economic goodwill.'"
Berkshire authorized Buffett and Munger to buybacks when both believe the repurchase price is "below Berkshire's intrinsic value," a determination that would be made "conservatively." Claiming that Buffett is a walking contradiction is click bait/rubbish. google.com/amp/s/mobile.r…
"What Buffett figured out earlier than most value investors was that conservative accounting rules overlooked the value of intangible assets. In turn, book value didn’t fully reflect the economic value of businesses." Bill Nygren oakmark.com/Commentary/Com…
"For continuing shareholders, repurchases only make sense if the shares are bought at a price below intrinsic value. When that rule is followed, the remaining shares experience an immediate gain in intrinsic value." berkshirehathaway.com/letters/2016lt… NOT book value and never a P/E ratio.
