Tillmen
By Rob Scott
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About this ebook
Rob Scott
Speculative fiction, realistic fiction. Rob Scott writes in a style all his own, unique, quirky and usually "out there" in a manner that commands the reader to think. Speculative fiction means it could very well happen, if it were deemed appropriate for someone to try to implement the idea being presented.
Read more from Rob Scott
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Book preview
Tillmen - Rob Scott
Tillmen
Rob Scott
If you like this book, please consider reading from this author’s Speculative Fiction collection:
Paradise
2010
ISBN 978-1-257-91494-4
The Mason
2010
ISBN 978-1-257-91606-1
Incognito
2011
ISBN 978-1-257-91625-2
Staven Adams
2012
ISBN 978-1-300-15830-1
The Mounds
2012
ISBN 978-1-300-20329-2
Cotton Hockey
2016
ISBN 978-1-329-96552-2
Salt Life
2016
ISBN 978-1-365-35480-9
Remnant
2017
ISBN 978-1-365-57086-5
Table of Contents
Chapter 1: The Rub
Chapter 2: Embezzlement
Chapter 3: Legal Stealing
Chapter 4: Stock Repurchases
Chapter 5: Stock Options
Chapter 6: Executive Pay
Chapter 7: The Big Idea
Chapter 8: Hiring Talent
Chapter 9: Compensation
Chapter 10: The Big Ones
Chapter 11: Technology Sector
Chapter 12: Financial Sector
Chapter 13: Consumer and Retail Sectors
Chapter 14: Biotechnology Sector
Chapter 15: Show and Tell
Chapter 16: Vector Fund
Chapter 17: Take This Job
Chapter 18: Paparazzi
Chapter 19: To Whom Much Is Given …
Chapter 20: Philanthropy
Chapter 21: Pursuit of Profit
To my beautiful wife, Stacey, the only person I know in the world who wants to understand these things
Chapter 1: The Rub
Okay, so it is legal stealing, so what. What does that have anything to do with you?
Tom Prichard said to Steve. Tom is a financial analyst for Deutsche Bank USA in Houston, Texas. He has been friends with Steve Bates since Junior High School.
"Because it is indicative of the whole stock market, it
is all a scam!"
But it is only seventy companies out of eight thousand, which is not a large enough sample to prove anything. You do understand there are eight thousand publicly traded companies that make up the major indices and form the basis of the stock market don’t you?
Tom, look, 937 companies or twelve percent of all ublicly traded companies between 2011 and 2016 spent almost all their available cash reserves to buy back stock. Three trillion dollars were wasted! These idiots at the helms of these companies spent it to look good to shareholders on paper that they were going to do something to reduce shares outstanding and make earnings per share increase. But that is not what they did at all!
Then what did they do Steve?
They stole the three trillion dollars, blew it in the stock market and collected pennies per share purchased upon shares as stock option rewards.
Said Steve.
And you are absolutely sure of this?
I can prove it.
How is it that a lowly shipping clerk can prove this and no one else has ever questioned it throughout the history of high finance? Henry Singleton is believed by most financial professionals to be the father of stock repurchases. He built and ran Teledyne, a scientific and technical instruments company. In the ‘bear’ market of the early 1970s, Teledyne stock fell from about $40 to less than $8; Singleton saw this as an opportunity to buy back Teledyne stock. In buybacks from October 1972 to February 1976, 22 million shares were repurchased at $14 to $40 – well above the market price. This raised the value of Teledyne stock, eventually increasing to near $175 at the end of the decade. In this period, annual income increased by 89 percent and net income by 315 percent. Stockholders who had remained through the buyback achieved a phenomenal gain of about 3,000 percent. Warren Buffett, is quoted as saying that ‘Henry Singleton of Teledyne has the best operating and capital deployment record in American business.’ And you think he was a quack?
Stock buybacks is the very last thing you do when a company has excess money that it has nothing better to do with it! Singleton is a fluke, and everybody following in his footsteps are misguided fools!
yelled Steve.
So Steve, what should these companies be doing in your investment portfolio professional opinion?
The very first thing a company has a fiduciary obligation to fulfill is to grow and improve the financial receipts of organization, which entails for the most part research, development, marketing and sales. If you are IBM spending $60 billion to retire 200 million shares with the anticipation that earnings per share will increase, you are absolutely a moron and should be relieved of your duties as an IBM executive. Now what is really going on is 200 million stock options need to be cashed in by the IBM executives and the only way to release them is to do so under stock buyback market conditions and so options expiration and stock buyback timing is synchronized.
And you can prove that how?
asked Tom.
It’s all published information, anyone can secure it from SEC filings. I track all eight thousand publicly traded companies for buyback announcements, and then correlate them to stock option awards, and they magically reconcile themselves.
So you are saying they are all doing it, maliciously, all basically stealing the shareholders’ cash and buying back the options they cash in on the market?
Well maybe a couple are genuine but pretty much it is all a scam. Of the seventy companies responsible for sixty percent of all $3 trillion buybacks over the past six years, only seven did so correctly where the end result was number of repurchased shares exactly met the money paid for each share and no additional shares like stock options were released. They were Illinois Tool Works, Lockheed Martin, Lowe's, Northrop Grumman, PepsiCo, Pfizer, and Travelers Companies. Everyone else suffered unconscionable results from their shenanigans.
So when you look at more companies, does the genuine versus non-genuine equation still hold true at ten percent?
asked Tom.
Of the next group of companies – the ‘Medium Buyback Group of $10 billion to $1 billion in buybacks over the same six year period’ there are 352 in the group buying back $1 trillion and 44 of them are genuinely accomplishing identical results or good results. The rest are again producing shenanigans. And in the ‘Small Buyback Group’ of 515 in the group buying back less than $1 billion over same period, they resulted in 37 out of 515 or seven percent genuine.
So Steve, instead of buying back stock, what would you be doing with the money at these companies?
"So if I were Lockheed Martin or Northrop Grumman I would use the $33 billion dollars spent securing 125 million shares to