Ann: AGM Presentation, page-257

An equity buy back is the company saying, 'We can't think of anything more to invest in that can help this company grow. So here is some cash back.'

You then need to decide where to put that capital they return to you. That being said, having too much money is not a bad problem to have.

The question isn't is a CR good or bad, or is a share buy back or special dividend good or bad. The question is what return an I getting for my money and with what risk.

I know you hold CSL and would have been thrilled with their share buy back a couple of years back, it was done on market and increased the value of everyones shares that weren't selling in to it. But that money could have been retained by CSL and invested into something new (who knows, maybe the cure for cancer) on something that added more to shareholder returns. Ultimately the CSL board decided returning money to investors was the best course of action for the company.

Capital returns are generally undertaken by stronger companies, thus it appears it's a better outcome. But ultimately it's all about the returns on investor capital.