I’ve lately been thinking a lot about this long forgotten advice from the great Ben Graham on how the earmarks of a well managed company include keeping the share price from getting both too high or too low. Investors almost always forget about the former. A responsible company does both.
“The responsibility of managements to act in the interest of their shareholders includes the obligation to prevent—in so far as they are able—the establishment of either absurdly high or unduly low prices for their securities.”
The Intelligent Investor, Rev. Ed
Benjamin Graham