IMO - A uniquely bullish buyback

Stelco (OTCPK:STZHF) announced a 10% share repurchase plan today, but that's not the important part; Management wants to buy back 10% of the Company all at once. A common complaint of value investors is that Management buys back shares at the highs; with investors generally thinking prices of their holdings will go up, the present price is presumed a better buy than the average price in future years. Stelco has announced a modified Dutch tender auction, whereby shareholders will offer shares to be bought back at a specified price (within a range) beginning tomorrow. In taking this tact, Management is betting alongside investors that the stock will go up, and that the best way to reduce share count is to buy back stock today. Of course, if Management and investors are wrong, the stock is likely to greatly underperform, as the Company will have allocated all of its cash at

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A uniquely bullish buyback