Haircuts As Munger says, if you can't handle a correction you aren't cut out to own stocks.
And don't forget:
"Since commencing the NCIB in Sep 2021 Arc has repurchased 13% or 93.1 million common shares at an average weighted price of $15.12. Arc repurchased 26.2 million shares in Q3 at a weighted price of $17.50."
"Arc will continue to repurchase shares when the intrinsic value of the company's common shares exceeds the current market trading price. Arc determines the intrinsic value by using a discounted cash flow framework under lower commodity price assumptions and a range of discount rates"
If they were willing to buyback $458 million in Q3 at $17.50, $14.83 represents deep value.