No Capitulation Necessary
The Compound and Friends
Is a Buyback a Good Thing?
A lot of the buybacks the 2021 vintage are looking really stupid right now. I think companies should be buying back stock and paying dividends as much as they possibly can. Facebook generates an enormous amount of free cash flow You don't want them playing stock market any more than you want treasury playing Treasury market by ramping up or ramping down issuance at at a whim.
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