Investors love Softbank CEO’s Warren Buffett move
February 8, 2019
Hong Kong (CNN Business)SoftBank CEO Masa Son has taken a page out of Warren Buffett’s playbook, sending the Japanese company’s shares soaring.
Shares in SoftBank Group (SFTBY)
spiked nearly 18% in Tokyo on Thursday after the company announced it would buy back as much as 600 billion yen ($5.5 billion) of its own shares in the next year.
“We like this plan,” Atul Goyal, an analyst at investment bank Jefferies, said in a note to clients Wednesday. “We have long argued that Softbank must take cues from Berkshire Hathaway.” Buffett’s company has a policy to buy back its shares
if the price falls below a certain level.
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