During our interview, published yesterday, I asked Donal Murphy whether DCC should borrow some money and use it to buy back shares. I asked because a) DCC has relatively little debt and b) the shares are cheap. The company’s CEO wasn’t in favour of the idea. He said DCC could make more by investing internally. So I moved on to the next question. It bugged me after– what is the right answer here? The two numbers So how does a company decide when to buy back shares?  It comes down to two numbers: what it can make, and what it…

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