Originally published on 05/18/2019
Here are some things I think I am thinking about on this beautiful Saturday morning…
1) Are buybacks propping up the stock market? One of the more annoying narratives going around these days is this idea that buybacks are propping up the stock market. I was reminded of this yesterday while reading a Ned Davis Research piece which said the stock market would be 19% lower without buybacks. Let's think about this rationally...
This sort of thinking assumes a hyper inefficient market where corporations can essentially dupe investors into buying stock