Share Buybacks

Companies like Berkshire Hathaway famously have had very significant long-term share buybacks. It's often framed as a return of capital, which I don't like because you're actually not getting any more,. You're just getting a greater share of the pie. And frankly, companies haven't got a spectacularly great track record of good capital. In fact, our banks are very well known for buying back shares and then issuing more shares with the share prices low. But generally speaking, that's... Don't get me started on Qantas.