Looking back at my notes on JP Morgan's earnings call, I forgot to recount a somewhat offhanded comment the CEOmad to a multi-part question from an analyst. The analyst recounted how much stock the company had bought back year-to-date, and he asked whether or not the company would complete the current authorization in a big chunk. It was an incredibly stupid question, but it elicited an interesting response.
CEO Dimon said something like this paraphrase, "When the stock was in the thirties, it was a once in a lifetime value. We don't buy back shares just for the sake of doing it.....with the stock where it is now....(trails off)"
This is spoken like a CEO who understands the difference between price and value. The big technology companies historically like buying shares like automatons. I give the CEO kudos for saying something his mega-cap CEO peers should understand better.
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