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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Jurgis Bekepuris who wrote (44346)	9/14/2011 4:07:36 PM
From: Spekulatius	Read Replies (2) \| Respond to of 78603

re L >>L is the most dramatic buyback champion.<< L never bought back much stock. i believe they did something (exchange offer?) when they spun of Lorillard in 2008 to reduce share count. This also enhanced their book value but you could argue that it is misleading in terms of value creation, since they basically got rid a business with a high return on equity (Lorillard) while retaining those with a much lower return on assets (CNA etc.), hence the increase in book value for L stock is not necessarily indicative of value creation.