If the stock is trading below intrinsic value, then buybacks can provide exceptional returns to owners, even if reinvestment opportunities are limited. AutoZone is one example; I'm sure there are others.
Oh I completely agree with you. Most companies, however, don't buy back opportunistically, but simply on a regular basis. In general, reinvestment against high returns is the better choice
🤝🏻 I am also DCAing into ASML, had an article about it this week. Was my very first one on Substack.
If the stock is trading below intrinsic value, then buybacks can provide exceptional returns to owners, even if reinvestment opportunities are limited. AutoZone is one example; I'm sure there are others.
Oh I completely agree with you. Most companies, however, don't buy back opportunistically, but simply on a regular basis. In general, reinvestment against high returns is the better choice
Thanks for this, really appreciate seeing the specific choices you've made, the thought process and how it's performed.
You're welcome Joel!
Proficiat
Thanks, I agree Evolution's future looks great