What’s the difference between companies that create value and those that only buy back shares?
Well, the market capitalization of companies that make good investments and generate growing revenues and profits go up - look no further than MSFT. And companies that pretend to have new offerings ad spend tens of billions on share buybacks - well there is no real value in that, just divide the same stagnant market cap by a smaller number of shares, bla. The end result: MSFT mkt cap = $1 Trillion; O market cap = a puny $186 Bn. Eat your heart out LE!