3 Comments
Dec 1, 2023Liked by Michael Blair

Bravo!

Buybacks reward sellers, while dividends reward owners and encourages buyer of productive businesses.

You don't have to look much further than that... but to do buybacks at a premium to fair value is a breach of fiduciary duty.

Because of the vagaries of valuation "truth", buybacks are only justified by purchases at a substantial discount to low-end valuation.

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Dec 1, 2023Liked by Michael Blair

BIR and PEY are two of my core positions. I did very well with SDE this year and kept a small position. With the selloff of the last month I've increased my position in SDE substantially. Time will tell if they can execute but the management team treated me well so well worth the risk. Birchcliff and Peyto were the same a few years ago and paid off in spades. I like AAV but they have that oil extraction technology under development and unless they can scale it I'm not interested.

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Wonder what is the current take on birchcliff and pey; all natural gas stocks seem to be headed for low and lower.....

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