IVW - Years Of Financial Regret Priced Into Risk Markets

• A full 40.4% of price gains have come from companies buying back their shares (something considered illegal market manipulation up until 1982).
• In other words, in the absence of share repurchases, the S&P would now be closer to 2700 than 4600 and have averaged a total of about 3% annually (before any fees) since the last cycle highs in October 2007–14 years ago.
• Those who lack the ability or willingness to lose capital and wait years hoping to recover have no business owning stocks and corporate debt (including funds and ETFs of them) today; and yet, individuals, asset managers, and speculators have never been more fully allocated.

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