Initially Tencent made investments,
It's not decided by one person.
It is a collective decision to invest.
Tencent encountered some difficulties at that time.
Everyone met to discuss countermeasures. When asked what is Tencent’s core advantage?
Everyone has an answer.
The end result is that flow and capital are collectively agreed upon by everyone.
Therefore, in the next ten years, we will focus on these two core advantages.
Therefore, it is wrong for you to ask him not to invest. Of course, buyback is also an investment.
In the past ten years, Tencent's average price-to-earnings ratio has been 45 times, with the high point being close to 100 times. If you buy back on a large scale, there will be problems. Ma Huateng himself is still reducing his holdings~
Therefore, repurchases must be combined with the company's own valuation and cannot be made blindly.
What is the impact of Apple’s cash-neutral buyback? Now that we have seen the negative effects, if we look further down the road, there is a high probability that there will be problems.
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- JuliusGoldsmith·04-12Wah, dis one very insightful!LikeReport