Further to my article yesterday on the capital malinvestment in record corporate buybacks at cycle high valuations in equity markets, the Globe and Mail reports that corporate buybacks of TSX-listed companies also reached an all-time high of nearly $50 billion in the 12 months ending March 31, 2019, and nearly 50% higher than the previous mania peak in 2007. Below is the chart of TSX-listed buybacks since 2001, see Buybacks soar on TSX, but there's a downside (subscription required):
Banks and energy companies have been leading the charge as both face slowing profit growth and