Brad Jacobs

There's a way to make money.

If you stay cool and you're smart and you keep an open mind and don't take it too personally, you'll find ways to capitalize in that situation.

In this case, we said, okay, look, the stock is down a lot, but for no reason.

It's not like our numbers got worse.

It's not like we did a pre-announcement and we're going to miss by a mile our earnings.

It's not because it was some big lawsuit that was very vicious or the government regulator.

There was no reality to this.

It was just a bunch of silliness.

And so temporarily the stock was dislocated.

So you say, okay, what's the right move here?

The right move was really obvious.

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.