Cliff Asness on Quant Value Investing
Masters in Business
Is It Causation or Correlation?
In a world where some companies do buybacks and other companies don't, companies that do buybacks tend to perform better than the ones that don't. Most of it is a reallocation of the stocks; when most investors participate in a buyback, they put it back in the stock market,. It's a diversifier actually. A company that has great investment opportunities is seeking more capital and a company that doesn't should be giving capital back.
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