You might be interested in reading about Henry Singleton, the Michael Jordan of capital allocation. While running Teledyne, he shrewdly issued shares in exchange for acquisitions when Teledyne's stock was expensive. When shares were cheap and he didn't have other investment opportunities, he smartly bought back stock.

Beat the pants off Jack Welch yet fewer people know about him.

http://csinvesting.org/wp-content/uploads/2015/05/Dr.-Single...