buying power

Doug Henwood dhenwood at
Tue Dec 1 20:40:13 PST 1998

James Cramer writes in

>Random musings: Those years of Exxon (XON:NYSE) buybacks paid off in a
>currency high enough to bag the next biggest gun. Well done!!

So Exxon's habit of buying its own shares out of its surplus of uninvestable profits allowed it to buy Mobil, and get a fresh supply of uninvestable profits. Capitalism is an endless wonder.


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