Showing posts with label shares buybacks. Show all posts
Showing posts with label shares buybacks. Show all posts
Sunday, May 31, 2020

31/5/20: S&P500 Shares Buybacks: Retained Earnings and Risk Hedging

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Shares buybacks can have a severely destabilizing impact on longer term companies' valuations, as noted in numerous posts on this blog...
Thursday, March 19, 2020

18/3/20: What's Scarier? Corporate Finance or COVID?

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Larger corporates in the U.S. are seeking public supports in the face of COVID19 pandemic, from airlines to banks, and the demand for publ...
Friday, September 6, 2019

6/9/19: Small Cap Stocks EPS: racing to the bottom of the MAGA barrel

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Everything is going just plain swimmingly in the Land of MAGA, where American companies are now expected to do their duty by President Tru...
Sunday, July 7, 2019

7/7/19: Investment for growth is at record lows for S&P500

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Interesting chart via @DavidSchawel showing changes over time in corporate (S&P500 companies) distribution of earnings: In simple ...
Monday, March 4, 2019

4/3/19: S&P 500 Share Price Support Scams are a Raging Trend

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Having posted a record-breaking USD939 billion of shares repurchases in 2018, Corporate America is on track to set a new record-wrecking y...
Sunday, February 24, 2019

24/2/19: Buybacks vs Capex

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U.S. corporates spending or 'investing' over the last 10 years: CapEx ($6.4T), including often non-productive M&As Buyback...
Thursday, October 4, 2018

3/10/18: Dumping Ice bags into Overheating Reactor: Bonds & Stocks Bubbles

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Wading through the ever-excellent Yardeni Research notes of recent, I have stumbled on a handful of charts worth highlighting and a relate...
Thursday, September 13, 2018

13/9/18: Shares Buybacks Swallow much of Trump's Corporate Tax 'Reforms'

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A recent post from the U.S. Fed looked at how companies with large holdings of cash abroad have used those funds following the Tax Cuts an...
Thursday, August 2, 2018

2/8/18: Shares Buybacks: the Evil Symptoms of an Ever More Evil Disease

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Yesterday, I have posted a quite unusual (for my normal arguments) defense of the shares buybacks. Normally, as the readers of this blog k...
Sunday, January 8, 2017

8/1/17: Corporate Cash: Organic Capex Still Sluggish

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In 2016, based on data from Goldman Sachs, 26 percent of aggregate S&P500 company cash went to fund shares buybacks, matching 2013 ra...
Tuesday, December 20, 2016

19/12/16: Why Investment-less Growth: Explaining Secular Stagnation in Investment

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One key component of the supply side secular stagnation is the notion that in recent years, corporate investment in the U.S. and other adv...
Sunday, May 15, 2016

15/5/16: Gamable EPS and Shares Buybacks

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EPS (Earnings per Share) is a corporate metric that is often pursued by the corporate managers and executives to increase their own payout...
Friday, April 15, 2016

15/4/16: Corporate Finance, S&P500 and Bubble Trouble...

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Classical corporate finance tells us that companies should be valued on their earnings with past earnings being indicative of future earni...
Monday, December 7, 2015

7/12/15: Another "Nothing to See Here" Chart for M&As

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I have written over the recent months about the over-heating present in the global (and especially N. American) M&A markets (see posts...
Wednesday, November 11, 2015

11/11/15: Take a Buyback Pill: U.S. Corporates Shy Away from Capex

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As buy-backs of shares inch down as the drivers of U.S. stocks valuations (chart below), things are not going much smoother for the hope...