Buyback Machine and a Possible Liquidation

A company selling off assets and using the large net cash proceeds to buy back shares at a high FCF yield

In the last post, I mentioned how one of the things to look for in a special situation is a change in capital allocation. I’ve found a few interesting investment ideas in the last couple years when an otherwise very high quality underlying business makes a major shift in capital allocation policy.

Today’s post references a company that is in the midst of this shift and showing real time results of that change: