Apologies! Overlooked that "NCIB" would be unfamiliar. "Normal...

Apologies! Overlooked that "NCIB" would be unfamiliar. "Normal course issuer bid", indeed equals 'buy-back'.

On the subject, the other argument for a buy-back is that you can now earn 5.35% in the relative safety of 1-month Treasuries. Don't know about Australia, but in America, that interest on $1 million in cash, combined with a typical Social Security payments to a retired couple, puts you comfortably north of 6 figures in annual income.

Sure, you have to consider inflation. I'm just saying that the competition has gotten steeper, for investments that have no yield.

Given that SGI's huge tax credits rule out a dividend, an at least modest buy-back would seem reasonable.