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  • vgm commented on Amber Harris's article 06-01 16:35
    20 Questions With Bill Nygren - Part II
    10. How did you begin your career as an investor and what steps did you take to become as successful as you are today? Also, what made you want to...
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    vgm 06-01 17:35
    • Enjoyed it very much. Great to hear him explain in some detail how he looks at companies and sectors. The Q&A on the energy sector picks was particularly informative and timely.



  • vgm commented on Charles Sizemore's article 05-28 16:29
    Buybacks: Mostly an Accounting Sleight of Hand
    In the world of investing, so many things work better in theory than in practice. Executive stock options? Though originally billed as a way to...
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    vgm 05-28 17:29
    • Interesting reminder of how repurchases can be done for the wrong reasons. I'm sure it's rife and to the detriment of shareholders.

      It's perhaps worth reminding ourselves though that, properly implemented, buybacks can be not only beneficial, but extraordinarily accretive for shareholders. The case of Henry Singleton at Teledyne is arguably the superlative example, as described in The Outsiders and lauded by Buffett. And Buffett has said that a very real part of his own rationale for investing in IBM is the prospect of significant share repurchases.

      Furthermore, Pabrai describes how Munger gave him 3 pieces of advice to become a good/better investor, one of which Munger called buying the "cannibals" - his word for companies which were repurchasing their own stock (presumably wisely!).


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