I've also been looking at SGM for a while and I'll...

I've also been looking at SGM for a while and I'll probably buy at some point. Unfortunately I now have somewhat of a diminished view of management. They've just emerged from a period of bumper profits buoyed in no small part by the Iron Ore price. They've returned some of this largesse to shareholders (great) but why buy back during the boom?

Blind Freddy could see prices (and profits) were going to come off once the interest rate cycle started. OML, SXL, ANZ and SGM have all bungled their Capital Management horribly imho. Why didn't SGM reduce their gearing instead of blowing it on a buyback?

If they have a lean year or 2 it's not out of the question they might need to skip dividends or even need to raise Capital at a fraction of the price per share at which they were buying them back.

Good business but I reckon I'll get a chance to buy in under $10, for the time being I'm happy to be patient.