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Senior Advisor

$4.5T in share buybacks since '12

as corporate debt rose $5T.

That really isn't "investing in yourself" it is leveraging yourself to make the stock price rise and let insiders cash in on incentives.

About the only companies where buybacks really make sense are stodgy old ones with steady and soid cash flow and profitability and no real apparent room for expansion. For those it is just a matter of, hey, if the market wants to price us at 10X when the broad market is at 20 and the sexy things are into infinity, then, yeah, I'll take some of that.

We have policies that promote the cannibalization of our corporate base.

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