The buyback foolishness has been occurring in big volumes for 20 years. As good as IBM has performed for example, look how much shareholder cash they have wasted on restructuring their balance sheet. That is what firms are doing, right? IBM consistently bought as it's shares ascended and typically shortly after purchases subsided, shares dipped. In theory, mass media says the repos are a "return of capital" . What about the share price drop that happens? Is that a return of capital or vaporizing of capital?
This is reorganizing the deck chairs of the Titanic