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  "documentTitle": "Health Management Associates (HMA)",
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  "authorName": "Larry Robbins",
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  "notes": "The charts demonstrate a consistent alpha generation for buyback strategies across multiple time horizons.",
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      "kind": "callout",
      "text": "Buyback: 4X greater investor gains",
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      "text": "Companies that consistently invested their cash flow and resources in a share repurchase program have generated material outperformance over the past 5, 10 and 15 year periods, leading to an average of more than 4% greater annualized returns versus the S&P 500 index and 4x the amount of investor gains over the 15-year period",
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      "text": "Total Return Index: 4x",
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      "text": "Companies that consistently invested their cash flow and resources in a share repurchase program have generated material outperformance over the past 5, 10 and 15 year periods, leading to an average of more than 4% greater annualized returns versus the S&P 500 index and 4x the amount of investor gains over the 15-year period",
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      "text": "Source: S&P500 Buyback Index and S&P500 Total Return Index, Bloomberg",
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      "text": "Capital Allocation to Share Repurchase Consistently Outperforms",
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