The Real Thing Is to Buy Stock Repurchase Shares

The real thing is to buy stock repurchase shares. Only when you think you're doing it, at a price where the remaining shareholders have had are worth more of the moment after you repurchased it than they were the moment before. We will buy stock when we think it is selling below a conservative estimate of its intrinsic value. It's very simple arithmetic. Most companies adopt repurchase programs, and they just say we're going to spend so much.