4Q2024 Valuation, page-44

Really good overview of options ahead!

I agree on favoring buybacks over dividends (who would have thought ... haha). The only thing to add is that management really doesn't have to be too cute about timing and price level. The point of a share buyback is to return capital to investors by reducing the share count. A shareholder's economic interest in the company increases as the share count declines. If a shareholder feels that the buyback price is too expensive, they are free to sell their proportionate share of the buyback in the market for cash, effectively turning the buyback into a cash dividend of sorts.