If brokerage is peak and trough, then:
- In the trough, there's no point spending much on marketing, but some could be spent on development. If you remain profitable at this time, it's a cheap time to do a buy-back (with the SP being down).
- In the peak, buy-back no longer makes much sense if the SP has spiked (like during COVID).
When the SP is lower, the return from buy-back is greater (assuming a profitable future). So when the SP is low, it's easier for buy-back to beat out the other options - product dev (failed lately eg. Crypto, though the app bug-fixes were more effective) or marketing.
If brokerage is peak and trough, then:- In the trough, there's...
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