自社株買いの限界。金を払えば幾らでも自社株買いは購入可能だが、市場価格で購入できるのは市場にある浮動株のみとなる。特に市場価格が価値に対して割安な場合、浮動では無い株を市場と同じ割安な額で放出する希有な投資家はいないと思ったほうがいいんじゃないか。割安株を買う際に自社株買いを目安にするが、この自社株買いの制約を頭に入れて評価をする必要がありそうだ。
The limitation of selftenders. All stocks can be bought if we buy at very high cost. However, in reality, the amount of stock that we can buy at market is limited to the number of stock in market. Especially when the market propose the stock at very reasonable price, it would be more difficult to find stock holders those who want sell at same price in stock market. We should consider about this restriction whenever evaruating the true value of investment.
The limitation of selftenders. All stocks can be bought if we buy at very high cost. However, in reality, the amount of stock that we can buy at market is limited to the number of stock in market. Especially when the market propose the stock at very reasonable price, it would be more difficult to find stock holders those who want sell at same price in stock market. We should consider about this restriction whenever evaruating the true value of investment.
