Wade Shaw
11-02

I own $Advanced Micro Devices(AMD)$ , $NVIDIA(NVDA)$ , $Microsoft(MSFT)$  and $Apple(AAPL)$ , and their buybacks matter to me as a long-term investor. Done correctly with strong cash flow, reasonable valuations and an actual reduction in diluted share count, buybacks mean I can own the same number of shares while my percentage of the company gets larger. Fewer shares dividing the earnings can also increase EPS over time.

A trader may care whether buybacks support the stock next week. I care whether my slice of a great company gets bigger over the next decade. With all the volatility noise, I'm keeping this in mind.

Think of it like a pizza: you still own the same number of slices, but when the company buys back and retires shares, there are fewer slices in the whole pizza, so your piece of the company gets bigger.

Same number of slices plus fewer total slices equals a bigger percentage of the pizza. And if the business keeps earning more, that bigger slice can become more valuable.

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