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Strategies & Market Trends : Value Investing

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To: Michael Burry who wrote (6486)	3/30/1999 8:29:00 PM
From: Brendan W	Read Replies (2) of 78519

Mike, I was talking about aggregate not per share book value and I was reacting to Wayne saying about share repurchases: "...we would have the same net worth divided by fewer shares." I don't think it matters if the company borrows money, has free cash flow, or what the source is. I think the repurchase of shares and dividends decrease aggregate shareholder equity dollar for dollar. In the case where price per share is less than book value per share, aggregate book value should go down by the amount of the repurchase and per share book value goes up. I may be confused about something, but there's some basis for what I'm saying. I just wish I knew what it was <G>.

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