Share buybacks were legal before then. That's how Buffett bought a tiny textile mill called Berkshire Hathaway in the 1960s. The difference was that they mainl

Share buybacks were legal before then. That's how Buffett bought a tiny textile mill called Berkshire Hathaway in the 1960s. The difference was that they mainly took place in the form of tender offers back then rather than market repurchases.