Record Corporate Cash Flow

(1) April is a big month for dividend payouts. (2) That might explain “Go away in May.” (3) TCJA likely to provide one-time boost to level of dividends. (4) Repatriated earnings likely to boost buybacks more than dividends. (5) February outflows from equity funds surprisingly small given the selloff in stocks that month. (6) US-based ETFs still seeing large net inflows, especially to global ones. (7) Foreign investors warmed up to US stocks last year. (8) Solid gains in NIPA profits from current production last year. (9) Plenty of corporate cash available from internal funds and bond issuance to fund lots of share buybacks and capital spending.