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Stock buybacks aren’t artificial boosting. It’s the correct move when your company is undervalued and you don’t have better investment options.

See Apple for an example of doing it right.

See Chipotle for an example of doing it wrong.

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It's also a more tax efficient way of distributing returns to shareholders than dividends. GP does not know what he's talking about.

Non-American with no position in Chipotle here. Could you elaborate a bit on how they did their buyback wrong? I see their stock have climbed in the past year, so wasn't the buyback worth it?

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