Very few CEOs talk the talk on capital allocation like Strauss Zelnick. Preaches opportunistic buybacks only when the stock is at "deep value". Selective M&A that they have not yet messed up. Very consistent messaging. Interesting to go back through the past few years comments. 
"We bought back $360 million of stock at an average price of 97. At least today that looks like a smart move. We only do buybacks, when we believe we're executing them at deep value. That is just our opinion, but it is based on our view of the future"
"we opportunistically repurchased 1.26 million shares of our stock during the second quarter for $200 million with an average price of $158.67. This marks the first time in over two years that we repurchased our stock underscoring the deep value that we observed"
"The problem is that most corporate M&A fails, and I'll emphasize that, in entertainment, most interactive M&A fails. We have only done a handful of deals on my watch, but they've all been successful, very successful. Where successful is defined by accretive, profitable.."
"so far we haven't had a failed transaction in 14 years, we haven't done that many, but the ones that we've done have all consoled out, which is important to us... So we are disciplined. We focus heavily on a cultural fit. We really get to know companies before we acquire them"
Fascinating fact pattern. A CEO who speaks and thinks clearly on capital allocation buying stock opportunistically at $158 because it was "deep value", then issues 1/3 of the company at same price. Clearly believes massive value unlocked in this transaction. Market disagrees.
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