According to @QCompounding, John Malone’s analysis at Bell Labs concluded AT&T should use more debt and repurchase shares, but the board rejected the idea, highlighting execution risk even when the math supports leverage and buybacks, source: @QCompounding. For traders, open‑market repurchase announcements are associated with positive abnormal returns—especially in undervalued firms—supporting long setups around credible buyback signals, source: Ikenberry, Lakonishok, and Vermaelen 1995; Peyer and Vermaelen 2009. In crypto, token buyback/burn mechanisms such as BNB’s Auto‑Burn represent analogous supply reductions that can inform event‑driven positioning, source: Binance 2021 BNB Auto‑Burn announcement.