It's hard to understate how excellent that program has been and how massive it's been.

I mean, they have bought back in their own stock the equivalent of most companies market caps.

Many times.

No, they've bought back more than Avisa, Dylan.

Yeah, it's incredible.

They've bought back more than Avisa.

I'm Purcell.

And that's Dylan Lewis and John Ratante.

BiBax are one of the best ways to return capital to shareholders, but only if they're done

well.

On today's show, we're taking a look at share buybacks and the companies giving you a

larger slice of the pie.

Dylan and John zoomed in on two companies that have done a great job of buying back their

own stock and one that may have made some expensive mistakes.

Before we get into the nitty-gritty, I think we should probably spend some time talking

about what we're talking about with capital allocation and specifically what capital is

being allocated here by companies.

To understand capital allocation and the priorities for how companies allocate their capital, we

first need to define free cash flow because that's where capital allocation comes from.

And so free cash flow is the cash flow available to all claim holders, so both equity holders

and debt holders, after the company has reinvested in growth.

So after the company has invested to maintain and grow its assets, one of the things that

...