Non significa barare
John Cochrane has a very simple thought experiment to show that the conventional wisdom on stock buybacks is wrong. Yes, when a company buys outstanding shares of its own stock, there is one force that pushes up the stock price. But there is another force that pushes down the stock price–namely, the company’s available cash goes down. In the simplest analysis, those two effects should exactly cancel out
Potpourri https://consultingbyrpm.com/blog/2018/08/potpourri-388.html
