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Stock Buybacks amid Market Downturns

Analyzing corporate share repurchases and capital allocation strategies during valuation collapses.

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Adam Foroughi Bill Ackman Andrew Carreon Kurt MacAlpine

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Oct 18, 2026

David Senra Managing $525 Billion by Rethinking Wealth Management | Kurt MacAlpine, Corient

Kurt MacAlpine The public-market chapter is a conviction case study: CI Financial was the best- or second-best-performing North American financial-services stock in 2021 and the second worst in 2022. MacAlpine used cash flow and leverage to fund the pivot, carrying 3–3.5 turns of debt. The debt was fixed-rate and without covenants, with …
The take-private highlights a public/private-market disconnect: MacAlpine says private-equity investors would recognize the buyback-and-transformation approach as “the standard blueprint” for operating businesses and extracting value. Mubadala Capital approached him, saying the buyback path would take about nine years and involve execution trade-offs. The deal closed …

Sep 30, 2026

The Knowledge Project Bill Ackman: People are Going to Lose a Lot of Money

Bill Ackman The recurring investment lesson is to preserve optionality and leave when confidence, not merely price, breaks. Pershing sold Netflix after management abruptly reversed its “never advertising” position, later rebuying only after the ad model, cash …

Sep 22, 2026

Yet Another Value Podcast $FOUR: Shift4 at 6.5x EBITDA. Is the organic growth real? | Emeth Value Capital

Andrew Carreon The withdrawn target of $1 billion in exit free cash flow for 2027—not an obvious operating collapse—is the central management scar. Carreon nevertheless points to EBITDA increasing 15-fold and EBITDA per share roughly 12-fold over six or seven years, alongside repurchases …

Sep 20, 2026

All-In Adam Foroughi, Applovin CEO: Surviving a 92% Drawdown, Ads as ML 1.0 & the $50B Game Ad Market

Adam Foroughi The host framed the internal-culture episode around a 92% stock drawdown; Foroughi’s capital-allocation response was a masterclass: IPO in April 2021 at about a $28B market cap on $600M of EBITDA, reaching $40B before collapsing to $3.8B in 2022 while producing $1B of EBITDA — sub-4x. He stopped focusing on investors and bought roughly $6B of stock, retiring 20–25% of shares outstanding; at peak, those repurchases were worth over $50B, and shares later ran from $9 to $750 in 2.5 years, touching a $250B market cap.

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