Ann: a2MC completes on-market share buyback, page-87

Let's try again without some verbs. The management of the company's focus should never be what the share price is. For a company like A2M it has zero relevance as they are not needing and probably are unlikely to ever need capital. Anyone that was stupid enough to pay the insane valuations when it was consider $14ish billion market cap got exactly what they deserved. It was valued larger than S32 for instance at the time. I love A2M but it can only grow so large -> it sells a particular brand of milk (and offshoot milk products) that are well differentiated at very good margins and it has price power. Take a look at how a 2L bottle at Woolies has gone from something like $4.50 to $6.90 in about 18 months. However even with everything going for it, it doesn't own the entire milk market! If you were buying it at $14B at PE multiples in the 30-50x range, how did you think it was going to get its earnings to grow 3-5 fold to justify the price tag when it becomes a slow growing company? It just wasnt going to happen, or atleast in this decade and now its management's problem you are in a sea of red? Sorry, but that is not management's problem at all. Their job is to maintain margins, grow revenue sustainably and place capital into investments that make sense.A company should only buyback if they it is an appropriate use of capital and the price is relatively cheap. Only time will tell if that is proven correct for this buyback. Whilst buying back some shares (depending on the % relative to the rest of the market) for the sake of trying to increase a share price is dillusional for anything but some micro cap junk stock.Whilst I have never owned it (even in the $1 days as I was stupid enough to think it was too expensive then) I have followed the story and A2 has some exceptionally good things about it, but IMO its always been priced in. At the current prices I maintain that thought.