Caterpillar Launches $1 Billion Accelerated Buyback Plan By Rich DupreyJuly 29, 2013
Having completed one share repurchase agreement last month for $1 billion, heavy-equipment manufacturer Caterpillar (NYSE: CAT ) announced today that it's launching a second round of buybacks, purchasing the stock from Societe Generale, one of the largest European financial-services groups. The international financier will immediately deliver approximately 11 million shares based on current market prices, with the final number of shares bought back based on Caterpillar's volume-weighted average stock price during the period the agreement remains in effect, which is expected to be completed by September. Noting the repurchase of $2 billion worth of stock this year and having raised the company's dividend by 15% last month, Caterpillar Chairman and CEO Doug Oberhelman said, "The continued strength of our balance sheet and strong cash flow puts us in a good position to reaffirm our commitment to stockholders, even in the midst of a downturn." In February 2007, the board of directors authorized the repurchase of $7.5 billion of company stock, and in December 2011, it extended the authorization through December 2015. Through the end of the second quarter of 2013, $4.8 billion of the $7.5 billion authorization was spent. mikeon88 發表於 2013-7-30 14:23
2012AR(P.13)也提到這一段： More than 50 years ago, Charlie told me that it was far better to buy a wonderful business at a fair price than to buy a fair business at a wonderful price. Despite the compelling logic of his position, I have sometimes reverted to my old habit of bargain-hunting, with results ranging from tolerable to terrible. Fortunately, my mistakes have usually occurred when I made smaller purchases. Our large acquisitions have generally worked out well and, in a few cases, more than well.
mikeon88 發表於 2013-7-14 20:25
polyperry 發表於 2013-7-14 20:36
Mikeon桑 你太謙虛了。如果沒有先上過巴菲特班再讀年報，感受是不會這麼深的。 雖然這一段沒有老巴詰屈聱牙的英文單字，但感覺老巴還是賣弄了一下英文。 譬如： (1) wonderful business vs. fair price. fair business vs. wonderful price. (2) tolerable vs. terrible
Dear Joe, 想請教你，sorry my Chinese tying very slow. You suggest to hold 1/3 of stock, how about bond ? Will be same too ? how about perpetual bond ?
I should hold cash and be patient, right ? Sorry, I feel confused. Recently, I bought NBG(national Greece Bank) and lost 50%. Friend said it would like city bank, it won’t fail. Can you give me some suggestion joe (宥聰) 發表於 2013-7-4 07:55