Subject: Re: Repurchases vs. other stocks
<may it continue.
Buybacks are certainly controversial to some but WEB is not overpaying IMO.>

Amen!

Buybacks are foolish when done above intrinsic value, which is quite often for much of the S&P500!

Buybacks are smart when done below intrinsic value and Warren never overpays.

"The math isn't complicated: When the share count goes down, your interest in our many businesses goes up.
Every small bit helps if repurchases are made at value-accretive prices. Just as surely, when a company overpays for repurchases,
the continuing shareholders lose. At such times, gains flow only to the selling shareholders and to the friendly, but expensive,
investment banker who recommended the foolish purchases." ~ Warren Buffett