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For Loews it makes sense, I suppose.
Haven't they bought back something like 2/3 of all their shares?

The share count is 393.6 million. They haven't repurchased that much this year so far but share count is down almost 10% from 12/31/2008. Of course, in Loews case, buybacks have the effect of increasing book value per share since the stock has been trading below book over the past several years.
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