Investors (and politicians) focus exclusively on buybacks. But they’re often just the exhaust.
It’s helpful to understand stock based compensation and share issuance, and this is a great discussion with Bill Gurley, Brad Gerstner, & Bob Mylod.
Additionally, Thomas Reiner had some thoughts on the show in his email newsletter Platform Aeronaut, with the post Seven Ways to Look at Stock-Based Compensation & Dilution.
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