Stock Buybacks

“Singleton believed buying stock at attractive prices was self catalyzing. Analogous to coiling a spring that at some future point would surge forward to realize full value, generating exceptional returns in the process.”

“The only reason you buy stock back is because you think it's way cheaper than it should be, right? The whole, like, if the stock was trading at a trillion dollars, would you buy it back at a trillion dollars to quote offset slack dilution? I think it's a bogus…”

“And so for the following 18 months, we ended up deploying somewhere around six billion dollars of buybacks of our own capital, and we leveraged some to buy back shares in the company. And over time, that ended up creating somewhere in the neighborhood of 50, s…”

“I never believed in saving cash for a rainy day. I feel like I'm a big believer in what we're building. I believe in where we're going. So if I believe in the future, and we're a really high cash-generated business, We should always be buying back our shares.”

“So to me, it's a point that says I have no other investments in my business that That would generate a return higher than my cost of capital, and so I'm going out and buying my stock, and I think that is very risky.”

“They've spent three hundred and ninety six billion dollars since 2016 to buy back stock. In the same time, Facebook has spent almost a hundred billion.”

“The airline industry, which looks like it's going to be first in line for bailout, Spent 96 cents of every single dollar free cash flow they had on buying back stock”

“There was a view that corporate managers liked to spend money inefficiently and to aggrandize themselves and build empires, and so, like, there's this wave of conglomeration where, like, managers were like, oh, look, we have money. We should buy some more stuf…”

“When I hear about a management team's buying back stock to offset dilution, it almost gives me an aneurysm and I want to reach through the phone or across the table and choke someone.”