Management teams love to tout stock buyback programs as "adding shareholder value." However, as investors hopefully realize, it takes more than simply scooping up shares at any price to move the needle for shareholders. So how do you know when a company gets it right, and what's an example of one company that really gets the buyback game right? In this edition of our Ask a Fool series, Fool contributor Andrew Tonner breaks down how one company -- International Business Machines  -- plays the buyback game better than just about anyone out there, and why, despite some recent headwinds, the company still has what it takes to achieve long-term success.

As has been the case with IBM for years, winning investing approaches begin with choosing great companies and sticking with them for the long term. The Motley Fool's free report, "3 Stocks That Will Help You Retire Rich," names stocks that could help you build long-term wealth and retire well, along with some winning wealth-building strategies that every investor should be aware of. Click here now to keep reading.

The article Ask a Fool: When Do Buybacks Work? originally appeared on Fool.com.

Fool contributor Andrew Tonner has no position in any stocks mentioned. Follow Andrew and all his writing on Twitter at @AndrewTonnerThe Motley Fool owns shares of International Business Machines. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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