A truly “alternative” approach to the analysis of stocks may today simply mean getting back to some basics that seem to be back-burnered in the 21st century. A deeper look at trends in inventories and receivables, for example, coupled with an assessment of “goodwill”, may be more important than recent obsession with cash flow and (reported) earnings. The true nature of announced and completed share buybacks is instructive of management’s aims and actual accomplishments.