Katherine Styponias Believe Quotations

We believe investors have already priced in $3.0 billion of buybacks, and GM's shares do not represent incremental repurchases of equity.

It is unclear to us why it makes sense to sell a portion of AOL's equity at this point in time, especially if management believes it can make the advertising model work and perhaps dramatically increase the value of the business.

Even though that is three years away, we believe that the net present value for such a revenue stream is currently not priced into the stock.