Post #1186 by RaplhCramden on the Berkshire Hathaway board

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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!

Didn't most of these companies peak BEFORE they started distributing their capital through buybacks? Aren't the buybacks a symptom, and not a cause?

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