Cliff Asness on Quant Value Investing
Masters in Business
Buyback Derangement Syndrome
I think that's the most valid criticism is, Hey, you're really hiding all this exact compensation by doing a expense. And it jives with the lying liars Right Stuff. The buyback is still a neutral. They're paying a market price for the security. So there I wish people would be more precise. But regardless, if you look at what we wrote, the derangement we write about is how much people hate them buyback derangement syndrome.
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