A fun fact from Fun Floyd Norris: During 2006 and 2007, Lehman spent $5.3 billion — a lot more than it is now raising — repurchasing shares at an average price of almost $72 per share. The shareholders who sold out did well. Those who held on were the losers. When Lehman repurchased shares that [...]
I wrote this more than a year ago, and it strikes me that it’s more timely now than it was then. So in the interest of self-aggrandizement, I’m recycling it (with some minor tweaking): A little while back, in the august pages of Foreign Affairs, Washington Post columnist Sebastian Mallaby offered a rousing defense of [...]
