If you have an ownership stake in a fantastic business with
great returns on
capital, a strong competitive position that makes it difficult
to unseat in its given sector or industry, and a board
of directors that is
shareholder - friendly, it shouldn't cause you any particular distress
to watch your holdings decline by 50 percent or more on paper.
«2014 was a
great year for Marriott Vacations Worldwide, with adjusted EBITDA
of $ 200 million, adjusted free cash flow
of nearly $ 300 million and over $ 210 million
of capital returned to our
shareholders.