Could not agree more. I rarely sell companies doing buybacks (why sell into the momentum) but do you really want to be invested in a Financial Institution that sells shares at $14 and buys them back at $26+.
People will argue things are different etc. The fact remains, you have a financial institution that has sold shares at $14 and buying them back at almost double the price in the space of a year (I was on the $14 issue by the way).
That is anything but prudent capital management as others above have argued. You shore up the balance sheet in the good times to protect against having to do raises in the bad times. Terrible capital management.
Its this sort of behaviour across companies that exasperate booms and busts, you'd think a bank would practice what it would preach to its commercial clients.
NAB Price at posting:
$26.49 Sentiment: Sell Disclosure: Not Held
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