Skeeter, I agree that IBM is currently overvalued near term. That is why I am in a short position near term (see my post #4076). However, as many on this thread have pointed out, that has been a very risky strategy with this puppy!
As far as my position on debt to buy stock, I have stated my position on that repeatedly. Don't want to talk about it anymore. Now, is it a wise use of funds to repurchase stock? Don't know for sure. It has been in the short run. EPS has risen along with the share price. Obviously, repurchase can't be used indefinitely to increase EPS. IBM has to also increase revenues along with EPS. That is what I will be watching very closely. The first part of the journey for IBM is over, they have restored the financial health of the company. Now comes the second, and more difficult part, return to a growth company. We will have to wait and see if they succeed.
I am glad you did so well on your CMB puts. I had a similar experience with CCI, but unfortunately, the other way. I held blocks of both CMB and CCI stock, and had for quite a while. Last April, after the stocks had reached what I considered full value, I closed my positions and took my profits. As is my style, I had sold out of the money calls on CCI. With only a few days left till expiration, I left the calls naked. Big mistake! The next day they announced the merger and the stock jumped over 43 points in one day! I am still recovering from that!! :>(
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