Retail investors are learning some harsh lessons with Royal Dutch Shell (RDS.A) (RDS.B).
Like all of the oil majors, Shell has been trying to juggle a debt-laden balance sheet, substantial capital investments, a chunky dividend, and share buybacks for years, ever since the close of the BG Group acquisition. Rather than waving this off as a series of black swans, one can certainly foist a lot of blame on management for ending up in this debacle: billions in shareholder buybacks at valuations well above current market and braggadocios statements statements like