Yes it’s a fair point. Buybacks are a nuanced subject. There’s...

Yes it’s a fair point. Buybacks are a nuanced subject. There’s endless discussion on this site and others about their relative benefits and drawbacks. I was just suggesting it as a potential avenue for returning capital to shareholders.

But rather than rehash that old chestnut, we should focus on the returns generated by management on retained capital and how that measures up against returning it to shareholders. Whether buyback or dividend, management must demonstrate they've at least jumped over the lower hurdle with retained capital. Something we will have tangible evidence of in a few days.