Very simple. Porsche financed their stock buying with loans, but then credit essentially disappeared for everybody in 2009 and so they couldn't keep it up. 0x

Very simple. Porsche financed their stock buying with loans, but then credit essentially disappeared for everybody in 2009 and so they couldn't keep it up. 0x12 posted some good links earlier. Same sort of reason why Ford did better than GM or Chrysler in America - Ford had secured lines of credit back in 2006 in either a fit of brilliance or luck, so when credit dried up in 2009 they could still borrow. The others couldn't get loans and had to take drastic action.