RE:Share buy-backsI think the Teledyne story is a fascinating case and very instructive to the buyback topic.
Personally, in situation where the share price is undervalued, I would rather the company buy back the shares than spend the equivalent amount on dividends. I don't need the cash and I prefer to generate capital gains.
For long term shareholders, buybacks can be an extremely important source of return at the right price; but, if the buyback is done at too high prices it is very destructive.
LR