In the last 12 months S&P 500 companies have repurchased $517 billon of their own stocks. Simply put the process of share buybacks destroys value in most of the cases, not always.
We discuss how much do companies spend on buying back their own stocks and how does that affect their book value.
Gates Capital Management's ECF Value Funds have a fantastic track record. The funds (full-name Excess Cash Flow Value Funds), which invest in an event-driven equity and credit strategy, have produced a 12.6% annualised return over the past 26 years. The funds added 7.7% overall in the second half of 2022, outperforming the 3.4% return for Read More