Any tool can be used for the right job or for the wrong job. As Charle Munger says, "To the man with the hammer, everything looks like a nail." It looks to me like stock buybacks are lately the hammer of corporate finance.
In today's environment, every student of finance is always taught what I would call the "nuts and bolts" of finance in their traditional coursework. This is basically discounting of cash flows using standard techniques. The questions to ask are the amount and timing of cash flows and the appro
