stock buybacks
description: the repurchasing of shares by a company to reduce the number of shares on the market, often to increase shareholder value.
111 results
Evil Geniuses: The Unmaking of America: A Recent History
by Kurt Andersen · 14 Sep 2020 · 486pp · 150,849 words
codes, pensions, the healthcare industry, the legal fraternity, constitutional law, organized labor, executive compensation, lobbying, billionaires’ networks, the right wing, the dynamics of economic growth, stock buybacks, the financial industry and all its innovations—so many subjects of which I was mostly ignorant. My immersion was revelatory. Reading hundreds of books and
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. Even in a short-term financial sense for investors, it might be a waste. One study published in 2011 for chief financial officers concluded that stock buybacks “may not yield as much value as investing in a company’s business.” Company executives tend to buy back their shares when the price is
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mistake by spending billions on stock purchases, doesn’t that cast doubt on our absolute faith in the efficient free market? In this way, massive stock buybacks are like the capitalist version of Christians who shake and scream to prove that the holy spirit is real and inhabiting them. But if you
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percent, but you can’t keep doing that forever. For a decade, since before she was in the Senate, Elizabeth Warren has been saying that stock buybacks provide only a “sugar high for companies in the short term.” That metaphor seems too benign. It’s more like the high—and addiction—produced
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but from companies buying back their own stocks. If it “makes sense” for corporations to devote such a stupendous fraction of our economic resources to stock buybacks, it’s because the rules of our political economy were written—that is, rewritten—forty years ago to make it so.*10 * * * — When shareholder value
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influential right-wing American economist—and co-wrote F. A. Hayek’s final book, The Fatal Conceit: The Errors of Socialism, in the 1980s. *9 Stock buybacks aren’t performance-enhancing drugs, because those actually make athletes run faster and hit baseballs farther. *10 Another epic irony: although Charles Koch is responsible
The Man Who Broke Capitalism: How Jack Welch Gutted the Heartland and Crushed the Soul of Corporate America—and How to Undo His Legacy
by David Gelles · 30 May 2022 · 318pp · 91,957 words
positive future outlook,” Dennis Muilenburg, the Boeing CEO, announced that the company was increasing its dividend by 20 percent and would spend $20 billion on stock buybacks. It was the apex of two decades of unwavering devotion to investors that began in 1997, when Stonecipher joined the company, and it further clarified
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impact of downsizing on, 46–47, 49–50, 52, 73, 183, 227 impact of market concentration on, 177 impact of outsourcing on, 227 impact of stock buybacks and dividend payments, 66 of JW in early career, 28 labor as a cost under JW, 43–44, 46–47, 70–71, 210–11 market
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Golden Age of Capitalism, 184 growth in corporate America, 11 at Home Depot, 109, 110 at Honeywell, 120 impact of downsizing on, 73 impact of stock buybacks and dividend payments, 65–66, 153 at McDonnell Douglas, 87 at Polaris, 85 at Scott Paper, 71 at SPX, 105 in stakeholder capitalism, 217–18
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subprime mortgage market and, 8, 137–38, 141–45, 148–49, 150, 165, 225 financial deregulation: critique of, 95 Friedman doctrine and, 38–39 of stock buybacks, 65 see also shareholder capitalism financialization (generally), 123–26 at AIG, 126 at Under Armour, 182 at AT&T, 175 at Boeing, 88, 90, 129
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at Freddie Mac, 125, 144 at GE, see financialization at GE moving beyond, 205–6, 210–11 negative externalities of, 175–85 securities trading, 124 stock buybacks, 10, 65–68, 88, 90, 129, 153, 175, 184, 187, 190, 219, 224 tax minimization, see taxation at 3G Capital, 181–82 3M rejection of
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in, 6, 58–64, 144–45, 160–62, 227–28, see also GE Capital SEC investigation / fraud accounting charges, 126, 147–48, 164–65, 225 stock buybacks, 6, 64–66, 161, 163 subprime mortgage market and, 8, 137–38, 141–45, 148–49, 150, 225 Financial Times, 147, 151–52 Fink, Larry
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Golden Age of Capitalism Stanley, Frederick T., 80 Stanley Works, 77, 83–84, 110 Starbucks, 170 Stephanopoulos, George, 157 Stephenson, Randall, 175 Stiglitz, Joseph, 132 stock buybacks, see financialization (generally); financialization at GE stock market performance, see shareholder capitalism Stone, Roger, 196 Stonecipher, Harry, 87–90, 127, 128–29, 187, 191, 194
The Price of Time: The Real Story of Interest
by Edward Chancellor · 15 Aug 2022 · 829pp · 187,394 words
Wall Street Destroyed Main Street (New York, 2016), p. 11. 36. A study of 1,900 listed companies by Reuters (Karen Brettell et al., ‘As Stock Buybacks Reach Historic Levels, Signs that Corporate America is Undermining Itself’, in ‘The Cannibalized Company (Part I)’, Reuters Special Report, 16 November 2015) finds that since
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. Data cited by Chuck Schumer and Bernie Sanders, ‘Schumer and Sanders: Limit Corporate Stock Buybacks’, New York Times, 3 February 2019. An article in The Atlantic claimed that total stock buybacks over the previous decade totalled $6.9 trillion; see Nick Hanauer, ‘Stock Buybacks are Killing the American Economy’, The Atlantic, 8 February 2015. 41. Comment
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Cannibalized Company (Part III)’, Reuters Special Report, 23 December 2015. 42. EPS growth relative to GDP and net profit growth. 43. Karen Brettell et al., ‘Stock Buybacks Enrich the Bosses Even When Business Sags’, in ‘The Cannibalized Company (Part II)’, Reuters Special Report, 10 December 2015. This article cites the cases of
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. 47. Between 1986 and 2002, GM repurchased $20.4 billion worth of shares; https://www.cnbc.com/2018/12/11/investors-should-be-furious-3-stock-buybacks-that-went-horribly-wrong.html. 48. https://wolfstreet.com/2018/11/26/gm-after-14-bn-share-buybacks-prepares-for-carmageddon-shift-to-evs-cuts
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2018. See Matt Egan, ‘GE’s $24 Billion Buyback Boondoggle’, CNN Business, 23 March 2018. Also Mitch Goldberg, ‘Investors Should be Furious: 3 Blue-chip Stock Buybacks that Went Horribly Wrong’, CNBC.com, 11 December 2018, who states that GE spent a total of $46 billion on buybacks between Q3 2009 and
The Impulse Society: America in the Age of Instant Gratification
by Paul Roberts · 1 Sep 2014 · 324pp · 92,805 words
_robots_ai_and_unem ployment_antifaq/. 48. King, Ian and Beth Jinks, “Icahn seeks $150 million Apple stock buyback,” San Francisco Chronicle, October 1, 2013. http://www.sfgate.com/business/article/Icahn-seeks-150-million-Apple-stock-buyback-4860812.php. Chapter 7: In Sickness and in Wealth 1. “Benefits, Costs, and Policy Considerations of
What Went Wrong: How the 1% Hijacked the American Middle Class . . . And What Other Countries Got Right
by George R. Tyler · 15 Jul 2013 · 772pp · 203,182 words
future. Visceral disdain by colleagues and competitors alike would have been the reaction to expedient steps such as cutting R&D, unwise mergers, or wasteful stock buybacks intended to temporarily spike share prices.* Here is how Sheila Bair, the former chief of the Federal Deposit Insurance Corporation, describes this new Reagan-era
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Rajgopal, “The Economic Implications of Corporate Financial Reporting,” Journal of Accounting and Economics, 2005, vol. 40 (1-3 Dec), 3–73. Short-Termism Encourages Inappropriate Stock Buybacks The longer-term imperative of firm prosperity dictates that enterprises should be investing first and spiking share prices last, but the perverse incentive structure of
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Lawrence Mitchell has produced a smoking gun, documenting how Reaganomics has shortchanged investment. In the three boom years preceding the credit crisis, the amount of stock buybacks by S&P 500 firms exceeded their investment in new production capacity.43 Even the very best do it: in September 2009, with shares slumping
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emulate Hurd: inflate threshold discount rates on investment and R&D opportunities to immediately boost profits, cut upskilling, cut research, and spike stock prices with stock buybacks and dubious mergers. Tomorrow can fend for itself. The Reagan-era culture has raised the price of responsible, traditional old school long-horizon CEO behavior
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President Reagan’s budget deficits drained 90 percent of private-sector savings away from investment.27 Adding the impact of short-termism featuring strategies like stock buybacks and unwise mergers at the expense of R&D, and the stage was set for a perfect storm, for the decades of chronically poor investment
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the most important factor in global economic competitiveness and continued American prosperity.”41 This statement clarifies why the narcissistic American business community that prioritizes mergers, stock buybacks, and quarterly earnings over R&D is America’s Achilles heel, deemphasizing innovation, which, “… is the most important factor in global economic competitiveness and continued
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under Reaganomics that are unhelpful to growth. Instead, the business community should invest domestically rather than abroad and should bend toward domestic investment rather than stock buybacks, higher dividends, inopportune mergers, and other characteristics of short-termism. Admittedly, this lower US growth ceiling may be of little concern to households, because they
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of Corporate Financial Reporting,” Journal of Accounting and Economics vol. 40, 1–3 Dec. 2005, 3–75. 39 See Nelson D. Schwartz, “As Layoffs Rise, Stock Buybacks Consume Cash,” New York Times, Nov. 22, 2011. 40 As quoted by Jia Lynn Yang, “Companies Spend Their Stash of Cash to Buy Back Stock
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,” Washington Post, Oct. 7, 2010. 41 Andrew Jack, “Drugs: Supply Running Low,” Financial Times, Feb. 9, 2011. 42 Nelson D. Schwartz, “As Layoffs Rise, Stock Buybacks Consume Cash.” 43 Lawrence Mitchell, “Protect Industry from Predatory Speculators,” Financial Times, July 8, 2009. 44 Richard Waters, “Microsoft Begins $40 Billion Share Buyback,” Financial
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income disparity slows economic growth, 214, 286 market fundamentalists, 96 The Price of Inequality, 429 profit taxes 379–80 Reaganomics feet of clay, 29–30 Stock buybacks, 157–58 greater than investment in new production capacity, 158 Stock options, 139–42, 462 Stockman, David (Reagan’s budget director), 84–85, 204, 206
Quantitative Value: A Practitioner's Guide to Automating Intelligent Investment and Eliminating Behavioral Errors
by Wesley R. Gray and Tobias E. Carlisle · 29 Nov 2012 · 263pp · 75,455 words
THAN THE SUM OF ITS PARTS? NOTES Part 5: Corroborative Signals Chapter 9: Blue Horseshoe Loves Anacott Steel: Follow the Signals from the Smart Money STOCK BUYBACKS, ISSUANCE, AND ANNOUNCEMENTS INSIDER TRADERS BEAT THE MARKET ACTIVISM AND CLONING SHORT MONEY IS SMART MONEY NOTES Part 6: Building and Testing the Model Chapter
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-beating returns. Investors might then use those candidates as the starting point for a full fundamental analysis. Either way, signals are very useful to investors. STOCK BUYBACKS, ISSUANCE, AND ANNOUNCEMENTS Many studies have found stock repurchases to be predictive of market-beating returns. The corollary is also true. Stocks issuing shares tend
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), forthcoming. Available at http://ssrn.com/abstract=1361800 or http://dx.doi.org/10.2139/ssrn.1361800. 9. Jack Hough, “Buy Signals: How to Decipher Stock Buybacks.” Wall Street Journal, Upside, January 21, 2012. Available at http://online.wsj.com/article/SB10001424052970203750404577171231151712236.html. 10. James O'Shaughnessy, What Works on Wall Street
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, Robert Short selling Shumway, Tyler Simons, Jim Singleton, Henry Sloan, Richard Small sample bias “Some Insiders Are Indeed Smart Investors” (Giamouridis, Liodakis, & Moniz) Sortino ratio Stock buybacks, issuance, and announcements Stock market, predicting movements in sustainable alpha quantitative value strategy simplifying tried-and-true value investing principles model, testing benchmarking data errors
The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success
by William Thorndike · 14 Sep 2012 · 330pp · 59,335 words
shaped each firm’s strategy, usually in entirely different directions from those of industry peers. For Henry Singleton in the 1970s and 1980s, it was stock buybacks; for John Malone, it was the relentless pursuit of cable subscribers; for Bill Anders, it was divesting noncore businesses; for Warren Buffett, it was the
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as the Babe Ruth of repurchases, the towering, Olympian figure from the early history of this branch of corporate finance. Prior to the early 1970s, stock buybacks were uncommon and controversial. The conventional wisdom was that repurchases signaled a lack of internal investment opportunity, and they were thus regarded by Wall Street
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underpenetrated international markets. All these decisions were guided by a careful analysis of potential returns for shareholders. Throughout the 1990s, Stiritz focused on continued opportunistic stock buybacks, occasional acquisitions, and, significantly, the use of a relatively new structuring device, the spin-off, to rationalize Ralston’s brand portfolio. Stiritz came to believe
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to both was opportunistic in the extreme. Stiritz was the pioneer in the consumer packaged goods business when it came to stock buybacks. In the early 1980s, when he started to repurchase stock, buybacks were still unusual and controversial; as one of Ralston’s directors said at the time, “Why would you want to
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—it is often corporate code for low returns. 4. Calculate the return for stock repurchases. Require that acquisition returns meaningfully exceed this benchmark. Comment: While stock buybacks were a significant source of value creation for these outsider CEOs, they are not a panacea. Repurchases can also destroy value if they are made
Expected Returns: An Investor's Guide to Harvesting Market Rewards
by Antti Ilmanen · 4 Apr 2011 · 1,088pp · 228,743 words
of starting yield and growth prospect, their estimates can diverge widely. One debate is whether to use dividend yields or broader payout yields that include stock buybacks and issuance. The disagreement on growth prospects is even worse. Anyone using analysts’ earnings growth forecasts inherits the extreme optimism typical of analysts who often
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signal. The trend decline in D/P in the 1980s and 1990s partly reflected a structural change: many firms replaced dividends with repurchases (i.e., stock buybacks), which were more tax efficient, more flexible, and had a more positive impact on share price. If top executives are compensated based on share price
This Could Be Our Future: A Manifesto for a More Generous World
by Yancey Strickler · 29 Oct 2019 · 254pp · 61,387 words
keep rising for patients while the pharmaceutical companies making those drugs reap growing profits. It’s also why companies used more of their profits on stock buybacks in 2018 than they spent on R&D or raising pay. Shareholders and the stock price are the priority, not workers or the future. As
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’t a problem. The problems are how and why they’re being used. PROBLEM 1: WHY SOME BUYBACKS ARE HAPPENING Up until the early 1980s, stock buybacks were illegal in the United States except in very specific circumstances. Because companies had been known to buy their own stock to drive up its
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them up to a machine and run a polygraph to see whether it’s true.” Buffett said that’s what a stock buyback effectively did. The use of buybacks took off. Aggregate stock buybacks by US firms, 1980–1990 SOURCE: ASWATH DAMODARAN, COMPUSAT Since 1982, the practice has grown considerably. In 2018, companies paid
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out more than $1 trillion in buybacks, the most in history. Aggregate stock buybacks by US firms, 1980–2018 SOURCE: ASWATH DAMODARAN, COMPUSAT And since the buyback phenomenon began, the stock market’s performance has directly reflected how much
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. The goal is to maximize returns for shareholders. In recent years, many American companies have invested less in R&D than they’ve spent on stock buybacks. Net share buybacks and net capital formation as a share of net operation surplus for nonfinancial corporations SOURCE: DELOITTE, BUREAU OF ECONOMIC ANALYSIS This isn
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do everywhere. The Financial Times reports that, “Between 2015 and 2017, the five biggest US tech groups (especially Apple and Microsoft) spent $228 billion on stock buybacks and dividends, Bloomberg data shows. During the same period, the top five Chinese tech companies spent just $10.7 billion and ploughed the rest of
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and their small band of very wealthy shareholders? This would be a world with more profits and fewer workers than we can possibly imagine. Where stock buybacks—or whatever their future equivalent might be—are through the roof and inequality along with it. This would be a world of “profits without prosperity
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would not be the force it is without its political influence. The Mullet Economy was enabled by regulatory changes achieved through political—not business—means. Stock buybacks were prohibited until friendly regulators allowed them in 1982. In the 1980s and 1990s numerous restrictions on banks were removed, including prohibitions on banks having
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margins increase. Cases in point: cable and internet providers in America, and radio stations’ shrinking playlists. The newly saved funds are distributed to shareholders through stock buybacks and dividends while service stagnates. Or, as we call it, the Mullet Economy. PHASE 4: THE CRASH Once value extraction is maximized, it’s only
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Outstanding (Levels) 1943–2018” and the US Census Bureau’s Households by Type data. tends to go up: Background on stock buybacks comes from economist William Lazonick’s 2010 Brookings Institution paper “Stock Buybacks: From Retain-and-Reinvest to Downsize-and-Distribute,” and his 2011 paper “From Innovation to Financialization: How Shareholder Value Ideology
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Is Destroying the US Economy” (published in the Oxford University Press collection The Handbook of the Political Economy of Financial Crises). Additional background came from “Stock Buybacks: Misunderstood, Misanalyzed, and Misdiagnosed” by Aswath Damodaran for the American Association of Individual Investors, and data from a research report by Goldman Sachs analyst Stuart
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Fortune article that initially highlighted buybacks was titled “Beating the Market by Buying Back Stock,” by Carol J. Loomis on April 29, 1985. spent on stock buybacks: Data on money spent on buybacks versus other investments comes from Deloitte (“Decoding Corporate Share Buybacks: Is It at the Cost of Investment?” November 2017
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: More Evidence”) was written by Thomas Ferguson, Paul Jorgensen, and Jie Chen and published by the Institute for New Economic Thinking. allowed them in 1982: Stock buyback rules were changed in 1982 when the Securities and Exchange Commission passed rule 10b-18, which defined a process by which buybacks could legally occur
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, 151, 193–95, 267 “Mullet,” 66–74, 77, 84, 110, 163 shareholder-centric, 60–61, 67–73, 82–85 See also gross domestic product (GDP); stock buybacks education, 24–26, 74–75, 110, 170–71, 197, 216, 259 electric cars, 173–75, 183 Ellison, Larry, 109–10 emotions, 22–23, 103, 113
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–71 creative projects of, 5–7, 10–13 founding of, 4–8, 236, 247 as PBC, 6, 9–12, 100–101, 169–71, 264 and stock buybacks, 67–68 wins best award, 87–88 knowledge, 21, 123, 217 and generational change, 180–81 as governing value, 144–45 high value of, xii
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, 113, 115 Semmelweis, Ignaz, 149–51 service, poor level of, 62, 67, 84 shareholders, 6, 23, 177 maximizing returns for, 70–72, 169–70 and stock buybacks, 67–70 See also economy: shareholder-centric Silicon Valley companies, 5, 95–96, 98 Silicon Valley HBO series, 96 Smith, Adam, xv, 26–27, 31
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Trek: The Next Generation, xv Star Wars, 11 start-ups, 52–54, 74, 79, 87–88, 95 status quo, 7–8, 75, 81, 98, 162 stock buybacks, 23, 67–73, 77, 84, 257 students life goals of, 89–92, 94 loans/debts of, 74–75 prioritize wealth, 89–92, 105, 180 success
100 Baggers: Stocks That Return 100-To-1 and How to Find Them
by Christopher W Mayer · 21 May 2018
: The Outsiders: The Best CEOs...............................................................93 Chapter 9: Secrets of an 18,000-Bagger................................................................ 103 Chapter 10: Kelly’s Heroes: Bet Big..............................................................................111 Chapter 11: Stock Buybacks: Accelerate Returns..................................................115 Chapter 12: Keep Competitors Out.............................................................................121 Chapter 13: Miscellaneous Mentation on 100-Baggers....................................... 129 Chapter 14: In Case of the Next Great
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enough to analyze. “You could get a really good long run out of some of those quick-service restaurant ideas,” he said. I asked about stock buybacks, which boost ROE. He’s agnostic, generally. But he’s leery of buybacks and no sales growth. “If you have a company with tons of
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the list of names relatively short. And focus on the best ideas. When you hit that 100-bagger, you want it to matter. CHAPTER 11: STOCK BUYBACKS: ACCELERATE RETURNS What is a “tontine”? If you think a tontine is a rich French pastry, you’re half right. It is indeed French. But
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of retiring shares. And more than a few 100-baggers greedily bought back their own shares when the market let them do so cheaply. Stock Buybacks: Modern Tontines Stock buybacks deserve a separate chapter in a book on 100-baggers because they can act as an accelerant when done properly. A buyback is when
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-growth economy, this tactic is becoming a more important driver of earnings-pershare growth. But you have to actually shrink the number of shares outstanding. STOCK BUYBACKS: ACCELERATE RETURNS 117 Since 1998, the 500 largest US companies have bought back about one-quarter of their shares in dollar value, yet the actual
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has bought back gobs of stock. All told, 65 percent of the shares have been retired. That’s 8.4 percent per year—just from stock buybacks. As Steve Bregman at Horizon-Kinetics, which owns a 5 percent stake in AN, writes, “This is most unusual in scale and duration; one is
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, finds its stock selling in the market below its intrinsic value, conservatively calculated. If those two requirements are met, Buffett is an enthusiastic supporter of stock buybacks. This is from his 1980 letter to shareholders: We can’t resist pausing here for a short commercial. One usage of retained earnings we often
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full—frequently more than full price—when a company buys the entire ownership of another enterprise. But the auction nature of security markets often allows STOCK BUYBACKS: ACCELERATE RETURNS 119 finely-run companies the opportunity to purchase portions of their own businesses at a price under 50% of that needed to acquire
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the same earning power through the negotiated acquisition of another enterprise. (emphasis added) When done right, buybacks can accelerate the compounding of returns. Stock buybacks have only become more common in the last couple of decades. Therefore, in my study of 100-baggers—which spans 1962 to 2014—it was
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broker, and it’s not even close. And that partly explains why it’s growing twice as fast as its competitors. That’s a moat. STOCK BUYBACKS: ACCELERATE RETURNS 1 23 • You are the biggest. This gets to some inherent advantages of size. Absolute bigness can be an advantage if it keeps
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. “Measuring the Moat: Assessing the Magnitude and Sustainability of Value Creation” is a 70-page report on the issue. (You can find it free online.) STOCK BUYBACKS: ACCELERATE RETURNS 1 25 Mauboussin looked at 68 global industries, with a sample size of over 5,500 companies. And what he found was that
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new businesses and shut down old ones. Capital sloshes around, funding promising ventures and draining less attractive ones. The whole competitive mosaic is always changing. STOCK BUYBACKS: ACCELERATE RETURNS 1 27 Anyway, we don’t have to explain why exactly mean reversion happens. The fact is we see it in the numbers
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