Discussion on SP, page-587

Tangential to the buyback issue.

Ostensibly, funds are being saved to target the Rentails fumer. However, I keep a close eye (as I can), on the Chinese economy.
It's crook and they are 5rying to boost growth by getting LGV's (local Government vehicles) to fund infrastructure. This would give a kick to all commodities. However, the Local Governments are already high debt cash strapped* (because they mainly make their money from selling land for housing. IMVHO China Yunnan Tin or whatever it's now called would be pushed to find money for the development. They can play all the shell games they like but in the end it's the old story can't pay $100,000 to the bank as a borrower you have problem. Can't pay $100 million. The bank has the problem. That means you Everglade, Sumco et al. (and that's a lot of Al's).

Other than MLX is a beautiful company spinning of wads of cash is always beautiful especially in a downturn.

Sorry for being so verbose.

IMVHO
* https://www.fitchratings.com/research/international-public-finance/yunnan-province-local-soes-state-enterprises-dominate-economy-large-borrowers-credit-risk-remains-09-11-2021#:~:text=Yunnan%20had%20a%20large%20direct,higher%20than%20the%20national%20median.