don't miss the good ride, page-10

s209, they did ashare buy-back a few years back- maybe 2 years ago? For a year, they bought back a total of 10% of shares. They bought at the price the shares were. Yes, it cost $200m, and no, they didn't know anything more than the market. They just did the buy-back to give back to the shareholder some of the war chest they had, and to make the balance sheet more "earnings accretive". Now it seems like an expensive activity, but OZL don't raise capital, and now have 10% less shares. Better than most companies can do.