The Cost of Capital

A lot of companies, maybe not the small microcap because liquidity tends to prevent buybacks. But there are a lot of companies that when times were really good and late 2021, they were buying shares and today their stock prices are 60, 70% lower. They obviously wish they had held that capital. There are so many banks you see that last year, they're buying back their stock and this year, all of them are saying, Hey, we can't buy back stock. And with the benefit of hindsight, as you're saying, they kind of wish, Hey, I had that capital. Marge: The issue is lower quality companies coming public. That's the issue.

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