Taking Stock 

Shareholder yield and buyback distortion

Mark Robinson

Shareholder yield and buyback distortion

Elsewhere in these pages, Algy Hall has been utilising one of Jim O’Shaughnessy’s screens that employs the price-to-sales (P/S) valuation measure, but the notion that sales can provide a more illuminating perspective on long-term value than earnings would be somewhat counter-intuitive to some investors I would imagine – but that’s not necessarily a bad thing. 

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