Shares of timeshare company Marriott Vacations Worldwide Corp. (VAC, Financial) increased in the fourth quarter as the company’s Starwood timeshare contract sales continued to accelerate and the company increased synergies from its acquisition of Interval Leisure. The combined company continues to generate significant free cash flow that it is using to buy back its stock, a sign that it sees value in the equity even after the run-up in the share price during 2019.
From Ron Baron (Trades, Portfolio)'s Baron Partners Fund fourth-quarter 2019 shareholder letter.
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