“In a worst case, management suspends price discipline and spends half of profit repurchasing shares at 200% of book value each year. The share count is only nominally reduced by 18% cumulatively, or 2.0% per year. Under this scenario, presuming a decline to 13 times earnings from 13.9, the shareholder earns 9.1% per year.”
*2021 IV=$400/b share assuming stock portfolio is cut by $50B