The Truth About Buybacks

(1) Older, but wiser. (2) A simple model of the bull market driven by share buybacks. (3) Why aren’t earnings per share growing much faster than aggregate earnings? (4) Goldman says corporations will continue to be biggest buyers of stocks. (5) Contrary to popular belief, few buybacks benefit shareholders. (6) Buybacks are mostly offsetting the dilution resulting from stock grants. (7) Three measures of shares outstanding down only modestly during current bull market. (8) Dividend payouts are the only true cash return to investors and remain around 50% of after-tax profits. (9) Fed’s data on buybacks widely misinterpreted. (10) Progressive politicians should leave buybacks alone. (11) Movie review: “Free Solo” (+ + +).