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Merrill Lynch, Piers, Fenner and Smith, Incorporated. Welcome to the Bloomberg Surveillance Podcast.

I'm Tom Keene with David Gura.

Daily we bring you insight from the best of economics.

Finance, investment, and international relations,

find Bloomberg surveillance on Apple Podcasts,

SoundCloud, Bloomberg.com,

and of course on the Bloomberg. He has been generous of his time and joining us this morning, Mario Gibbelly.

For those of you not on Global Wall Street, he is an original in modern value investment,

and he's an original in patience, and he's an original in shareholders should get their fair share.

Are we going to continue to see share buybacks, Mario, as we go up, up,

is that just an easy path for CEOs?

Yeah, it's a great question and it always depends on how you allocate capital, Tom.

What is the, right now you've got almost the triple tax on the corporate earnings, the

corporate tax, the tax on dividends and then the surcharge on dividends that was a snuck in at night.

But if I'm a steel company, do I want to reinvest in the steel business in open or hard?

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