I’d also add that IMO “are shares trading at a discount to intrinsic value” is a question that I think mgt teams should not be focusing on when making repo decisions. IMO vast majority of mgt teams will be inclined to believe their stock is undervalued, all the time, even if they are heading up a secularly challenged biz like BBBY with accelerating negative topline growth and high fixed costs. It’s that cognitive bias, that denial, that eternal optimism. If instead mgt focused on facts e.g. consistent and accelerating top-line growth with expanding margins based on easy-to-verify secular industry or demographic factors (even if those are well-understood) and mainly relied on the presence of those things to make buy-backs (eg vs dividends), I think the end result could be quite satisfactory.