Thursday, June 2, 2022 -- $22,394.82 (+$2,421.33, +12.12%)



Thursday, June 2, 2022 -- $22,394.82 (+$2,421.33, +12.12%)

The announced buyback had the desired affect of raising, at least temporarily, the price of the stock.  The theory behind a buyback is that sometimes the market significantly undervalues a company and if the company has available cash on hand, it can use some of that cash to purchase its own shares on the open market for a significant discount from their true value.   Sometimes this works really well, and sometimes the Board of Directors who authorize the purchase are a little too close to the company to value it objectively and the stock, after a short-term rebound, continues to sink.  For the portfolio's sake (and mine too!) let's hope this is the former situation and not the latter one!

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