I think they are doing what they can based on the low liquidity. They have to just sit in the buy stream and absorb what comes floating past rather than pushing the price dramatically higher.
Anything bought at a discount to its intrinsic value is to our benefit and NTA is a conservative proxy for its intrinsic value.
I think they will just renew the buyback again next year certainly plenty of excess cash to do so barring any large acquisition which i would hope is unlikely.
CAA Price at posting:
$9.57 Sentiment: None Disclosure: Held
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