by on May 4, 2015
David Stockman just published a chart so compelling that he didn’t feel the need to add any commentary.
But there are a few things to be said about the tendency of public companies to repurchase their shares at the very top:
“Peak buyback” is a sign that executives are seeing fewer opportunities to generate positive returns by building new factories or hiring new people, and so choose to give their free cash back to investors. This is NOT a good thing for the future of the business.
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