RE:RE:it was about timeBut Johnny, here's the great thing about the buyback. If Mr. Market gets excited over it (which I personally think he should), then the stock goes up. But if what you're saying comes to pass and Mr. Market doesn't drive the stock back up, then the Company gets to buy back shares at a lower price, which results in greater value accretion for long-term shareholders.
If you have a management team that is willing to buy back shares, a shareholder can become more relaxed about a lower stock price because as long as the fundamentals of the business don't massively deteriorate (which I don't think we're seeing at all with CRH), per share value to shareholders increases massively.
Take a look at the Teledyne case study that I put up in a prior post...Henry Singleton bought back 90% of Teledyne's stock as his stock crashed in the 1970s. He was able to buy at mid-single digit multiples of owner earnings (as CRHM can do now as well), and anyone who invested that $1 with Singleton at the start of the Company in 1963 saw it become $181 by 1990.