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Love your work, thanks for making me smarter.

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Humbled to be mentioned in this outstanding article. Thank you Janelle!

Buy-backing shares to offset dilution is not necessarily bad if done at a price well below the intrinsic value. However the adverse incentive to keep purchasing also at irrational prices is a real risk. I would value case by case.

"large cap SaaS companies are spending a sizeable portion (30%) of their cash flow on share repurchases but shares outstanding are still rising (+7%)" = insane.

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Great article! Any insights on SBC and it’s correlation to layoffs?

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Great work Janelle. From am issuer perspective, does it trigger a tax event when options are exercised and company receives cash from conversion into shares? (I am assuming it is NOT a cashless exercise). Thank you

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Great question, I'm not an expert on this specific topic but this article from PWC might help: https://viewpoint.pwc.com/dt/us/en/pwc/accounting_guides/income_taxes/income_taxes__16_US/chapter_17_income_ta_US/172_basics_of_accoun_US.html

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