Subject: Re: OT Damodaran on Buybacks and Dividends
<one wonders whether indiscriminate share repurchase, at whatever price,
might not be the way all companies should distribute capital that they don't need internally.>

I believe that has actually been the business model for countless companies: GE, Citigroup, HP, Xerox, Big Lots, Macy's, Sears, QCom and numerous others come to mind.

Of course with a capital allocation system like that in place these companies almost always end up performing like a one-legged man in an ass-kicking contest!