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Special Report on

Clear Thinking about Share Repurchase

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Corporate executives are tasked with capital-allocation decisions that require them to choose from an array of investment options. One option is the return of corporate capital to individual shareholders via dividend payouts, or share repurchases that allow investors to redeploy capital efficiently and with access to a wider choice of investment alternatives. Historically, a dividend payout to shareholders was the predominant course of action. In the 1970s, dividend payments represented over 90% of the total payout to investors (Michael J. Mauboussin, "Clear Thinking about Share Repurchase," Legg Mason Capital ...
stock buybacks - a red flag?
As we move from one year into the next, it is a good time to step back and reflect on patterns emerging in various areas of the business landscape. One pattern that I find disturbing is the growth of stock buyback activity. Barry Ritholtz recently drew attention to this in his posting on “An Unprecedented Mass of Buybacks” at his blog The Big Picture. Some other articles on this topic have appeared in Barron's (subscription  required) and the Wall Street Journal (purchase required). In his blog, Barry indicates that the S&P 500 companies bought back $456 billion worth of stock last year.  That’s almost one-half ... market research, surveys and trends
Mauboussin on Strategy Over the last few weeks I have read all of ...
Over the last few weeks I have read all of Michael Mauboussin's (Chief Investment Strategist at Legg Mason Capital Managment) white papers on investing. Here are some of my favorite takeways with white paper titles headed in bold. You can find the white papers at this direct link : Decision-Making for Investors "Any individual decision can be badly thought through, and yet be successful, or exceedingly well thought through, but be unsuccessful, because the recognized possiblity of failure in fact occurs. But overtime, more thoughtful decision-making will lead to better overall results, and more thoughtful ... market research, surveys and trends


Does the M&A Boom Mean Anything for the Market?
Jan 24, 2007 ... Specifically, the deal value added, which averaged 3.4 percent .... For the second, we added an estimated $240 billion of cash M&A. 12 Michael J. Mauboussin , “Clear Thinking about Share Repurchase,” Mauboussin on ... industry trends, business articles and survey research
The Blog of HORAN Capital Advisors: April 2007
On a year-to-date basis, the Dow Jones Industrial Average (large cap stocks) and the Russell 2000 Index (small cap stocks) have generated similar returns of a little over 5%. However, for the month of April, the DJIA is up 6.2% versus 3.6% for the Russell 2000 Index. Is it possible a rotation into larger capitalization stocks is underway? One must remember it is difficult to time the market; however, one should have a discipline of rebalancing their portfolio from time to time. Ideally, one has developed an investment policy statement (at least parameters) outlining acceptable levels of exposure to stocks and bonds. Within ... industry trends, business articles and survey research
Highlights From MON's Q3 Conference Call: Net Sales Down 6% Year-Over-Year ...
reported Q3 ongoing EPS of $0.81, 1 cent better than the analyst estimate of $0.80. Revenue for the quarter was $2.96 billion, which compares to the estimate of $3.17 billion. Reaffirms: sees FY10 EPS of $2.40-$2.60....Shares are currently trading down 1.42% today. Highlights From MON's Q3 Conference Call: (Bryan Hurley, Investor Relations Lead) For the quarter ongoing earnings per share were 81 cents slightly ahead of our prior guidance. As expected, the quarter reflects the reset of the Roundup business. On a year over year basis net sales were down 6% and gross profit declined 24% to 1.4 billion for the quarter. As has ... market trends, news research and surveys resources
NBR Transcripts-July 12, 2010
SUSIE GHARIB: Alcoa delivers a first major earnings report of the season and it's a good one. Tom, after the closing bell today, the aluminum giant posted a profit. It reversed a loss and with better than expected revenues. TOM HUDSON: Absolutely, Susie. Alcoa shares jumped in after hours trading in response to that, up more than 3 percent. Let's take a closer look at some of those results now. Alcoa earned $0.13 per share in the second quarter. That's a penny better than analyst estimates. Revenues jumped 22 percent to $5.2 billion. GHARIB: And looking ahead, Alcoa also raised its growth estimate ... market trends, news research and surveys resources


Clear Thinking about Share Repurchase
Jan 10, 2006 ... Clear Thinking about Share Repurchase. Capital Allocation, Dividends, and Share Repurchase. Why Buybacks are so Important Now ... technology research, surveys study and trend statistics
PDF - What Stock Market Returns to Expect for the Future?
thinking about what assumptions to use for the future. Given .... scope of this article, it is not clear how changing time horizons .... However, in part, the high rate of share repurchase may be just another reflec- ... technology research, surveys study and trend statistics
Empirical Corporate Finance
So, while I hope to present a reasonably clear organization of corporate finance , I want to emphasize that thinking more broadly across strands of literature ...... Miller, James and John McConnell, 1995, Open-Market Share Repurchase ...
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