Core Viewpoint - Share buybacks serve as an effective alternative to dividends for returning value to shareholders, with AutoZone and General Motors exemplifying successful implementation of this strategy [1][11]. Group 1: AutoZone - AutoZone is perceived as a recession-proof stock, benefiting from consumers needing to maintain their vehicles, which drives demand for its products [2][4]. - The company has significantly reduced its share count, decreasing it by over 3% year-over-year and cutting the number of shares outstanding by approximately 50% over the past decade [4]. - AutoZone's high margins and robust supply chain position it well against potential tariff impacts, further enhancing its resilience [4]. Group 2: General Motors - General Motors has announced around $16 billion in share buybacks from 2023 to 2025, alongside a recent $6 billion authorization, which is substantial given its market capitalization of about $45 billion [8]. - Despite its share buyback strategy, General Motors is less resilient to recession compared to AutoZone and faces challenges from automotive tariffs due to its reliance on imported vehicles and foreign parts [9]. - In 2024, General Motors reported a 9% growth in full-year revenue and led the U.S. automotive market in various delivery categories, while also doubling its electric vehicle market share [10]. Group 3: Investment Implications - The effectiveness of share repurchases, as demonstrated by AutoZone and General Motors, highlights their potential to enhance shareholder value when executed at favorable prices [11]. - Both companies have shown a commitment to returning value to shareholders through share buybacks, suggesting a positive outlook for investors [11].

Chevron Corporation (CVX) is facing a significant setback with the U.S. government revoking its conditional license to operate in Venezuela. The company has been given just 30 days to wind down operations, cutting off a key source of heavy crude supply to U.S. refiners. This abrupt exit eliminates a revenue stream that had allowed Chevron to recover billions in outstanding debts from the region. While the company maximized its gains before the policy reversal, the loss of Venezuelan assets could weigh on lo ...