Ann: Dividend/Distribution - WHC, page-51

Traded out my position in WHC in late 2022.
To what value have these buy backs been, buy back make sense when purchasing back shares on market when the underlying intrinsic value of the company is significantly above the share price.

But WHC is a cyclical company, with decade high cyclical share prices.

Management should have been patient, collected the cash and wait!!!! Wait for Mr Market to start offering shares at intelligent prices to buy back.

Instead no, WHC goes on a buy back at much much higher share prices.

Even now all they are doing is help to put a floor under the share price by providing 'buying support' to the share market.

Happy I grabbed both my capital and profits and exited the door.
I deployed some back into to YAL and the balance to pay down margin debt.

There will be a time in the future to start acquiring WHC again, but that time is not upon us. At least for those that value the return of their capital, not just a return on their capital.

Disclosure: not held