Greyhounds problem is that he does not acknowledge the market:
Reiterating what he cannot seem to see plainly: "The specific result was that the Company suffered a loss in market capitalization between the $31/share the market allocated in 1999 (when 470.5 million shares were outstanding), and the $27 per share that the market allocated in April, 2001 (when 412 million shares were outstanding)."
The market, not Michael Sol, downgraded it's assessment of BNSF's management actions by substantially depreciating the share value.
That's how it works and, oddly enough, that's exactly what happened.
Shareholder value was absolutely damaged by the Year 2000 stock repurchase program, this is absolutely clear on the record, and this is the exact opposite of Greyhounds' earlier contention on the the matter, that stock repurchase programs enhance shareholder value.
And this is characteristic of many other contentions he has made and been demonstrably wrong: a habit of making broad, contentious statements without reference to specific facts to back them up.
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