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Frase del día: En Wall Street mientras mas popular es algo, mas escéptico debe de ser uno...
La frase le he tomado de un artículo del WSJ que apunta que las recompras no siempre son buenas y sobre todo ahora que parecen estar de moda que hasta Buffet ha realizado una. Las recompras pueden ser buenas y malas dependeindo de los propositos reales de la compañía, de sus ratios y de su negocio.
If companies use buybacks to try to increase earnings per share, they can almost become trapped ... Imagine two companies, each with $100 in cash and 10 shares of stock. The intrinsic value of each is $10 a share. But the stock market undervalues one company's shares at $5 apiece and overvalues the other at $20. Each company decides to buy back $10 worth of stock. The undervalued company gets to buy back two shares at $5 each, leaving $90 in assets spread across eight shares. That raises the intrinsic value of each share to $11.25. The overvalued company uses $10 to buy back half a share, leaving the same $90 in assets spread across 9½ shares. That lowers the intrinsic value of each remaining share to $9.47. With a buyback at a cheap company, "the continuing holders benefit to the detriment of the sellers," says Michael Mauboussin, chief investment strategist at Legg Mason Capital Management, while in an overvalued repurchase "the sellers gain at the expense of the ongoing holders." So how can you spot a bad buyback? Here is a red flag: If cash is dwindling as buybacks are growing, the firm may be starving future growth to pay off present shareholders. That is fine if you sell into the buyback. But it is bad if you hang onto your shares. Owning a bigger piece of a corporate cannibal may leave you hungry in the long run.http://online.wsj.com/article/SB10001424052970203405504576603124202273828.html?mod=djintinvestor_t Y otro post Interesante respecto a las Recompras: ¿Es la Recompra de Acciones Indicador Fiable para Especular?
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