Brad Jacobs

Let's go buy back our stock.

And Orbis bought, I think they bought over a billion dollars of stock.

And we bought about $2 billion of our stock back.

And I remember talking to the bankers when we were mobilizing to do this.

And they said, nobody's ever done this before in terms of the percentage of market cap and buyback in a short period of time.

It would be blazing new ground, new territory here.

And I said, so what?

That's an interesting data point.

But the fact of the matter is we're definitely going to make money on this trade.

We take $2 billion and buy our stock.

It was already on the low side, but after it had fallen down like this, it was ridiculously cheap by any measurement.

So I said, let's do it.

So we bought it back.

And two years later, the stock was three times what the price was when we bought it.

We made $6 billion on that trade.

So it was a very advantageous thing for us to have done.

You don't want to have audacity just for the sake of audacity.

You don't want to be reckless.

You want to be disciplined.

You want to be rational.