Microsoft’s Stock Math: Fewer Shares, Pricier Shares - The New York Times

From a review of Microsoft's stock buyback strategy

"Microsoft has used buybacks well, in his view, though its need to do so says some uncomfortable things about the company and our current situation. “I applaud Microsoft for being realistic,” he said. Microsoft still generates a lot of cash, but it no longer is a hyperkinetic engine of growth, he added.

“Tech companies live in dog years,” Mr. Damodaran said, “and being 10 years old in tech is often like being 70 years old for a company like Procter & Gamble.” Microsoft began showing its age in the late ’90s and has gradually accumulated self-knowledge, he said. “It’s like a 61-year-old who has become comfortable with himself and has decided to act appropriately.”"

Microsoft’s Stock Math: Fewer Shares, Pricier Shares - The New York Times