Quick Thoughts on the “Evils” of Share Buybacks

This is a Twitter thread from a couple of months back. I thought I would post it here since there may be some interest.

Someone sent me a diatribe from some progressive about the evil of share buybacks. I have a few thoughts.

First the claims: they allow companies to inflate share prices, top management to manipulate share prices to maximize the value of options, divert money from long-term investment, and allow for tax avoidance. I’ll start with the tax story.

Buybacks, as opposed to dividends,...