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Monday, April 02, 2012 7:39:19 PM
If you have a proven profitable model, it's in the interest of both employees and shareholders to replicate that model as widely as possible, as long as it gets a good return on the money. That's basic business. Buybacks are only for when you can't get a good return on further capital expenditures, and you believe your stock price is undervalued, so you'd expect a better return by investing in your own stock than by investing in the business.
You also assume BRAV has loads of cash sitting around. It doesn't. They couldn't spend lots more than 6K on a buyback even if they wanted to. Only after expanding the business will they have enough to put into a buyback.
Right now, spending any extra cash on buybacks would be disastrous, because it would squash the chance for significant growth of the business, and since stock price is based on expectations of the future, that would keep the stock price down.
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