How is buying back your own shares at close to all-time highs good capital allocation? Especially when you are starting at a slowdown in business a few quarters hence and valuations remain above 10-year averages? They could have declared a large special dividend (so shareholders can decide what to do with the cash returned) or delayed their buyback to next year when valuations get more reasonable. Like Mr. Buffet says, buybacks are good only if companies can buy back their own shares at prices well below intrinsic value.
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