Subject: Buyback Follies: Welcome To The Machine
Here's a humdinger of a chart courtesy of Liz Ann Sonders...

https://twitter.com/LizAnnSond...

No surprise here, of course, S&P 500 buybacks coincide with market highs (2000, 2005-07, 2021-22); buyback troughs coincide with market drops (2001, 2009, early 2020).

At market tops the buyback guns are a blazin', when the inevitable bear market arrives the buyback guns are quickly holstered and the CEO's go hide under their beds!

Capital destruction at its finest.