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QVML - The Fate Of The Fantastic Four (Of Financial Engineering) Part Deux
Invesco S&P 500 QVM Multi-factor ETF
2023-04-13 01:14:00 ET
Summary
Back in early-2018, I highlighted a quartet of stocks that had seen a surge in their prices that was far more significant than could be justified by their underlying business trends. That group was McDonald’s, Caterpillar, Boeing, and 3M.
As a group, they had taken on over $100 billion in new debt in order to finance buyback programs of almost exactly the same amount.
To be sure, these companies are not distressed by any means.