A buyback and a blowback

Every day there are perhaps twenty plus share buybacks announced. I cannot remember when the law was changed to allow such conduct but perhaps thirty years ago I recall a Mr B, who was in charge of his publicly quoted company including, no doubt, the timing of buybacks, saw his company buy back £30m worth of stock which happened to be owned by him. The company went bust perhaps a year later. Mr B had lots of racehorses.

And then there are buybacks which are clearly wise since the effect is to bolster tangible net asset value. 

It is not always easy to assess the morality of a buyback.

However, as I look down the list right now, I like the idea of buying Camellia (CAM) at around £41 since the management are clearly set upon buying it back anyway.

I have followed CAM since I was twenty-five years old. I am now seventy-eight.