Subject: Re: Share Buybacks: Predictability and Performance
"Excess returns of 30% is really why I clicked the link. But that's the cumulative return from 2013 to 2022. And the methodology has just treaded water the last 5 years. From 2013 to 2017, the portfolio gained maybe 32% excess returns, then gave some up, made a bit more, and ended back at the 30% reported number."

I think you hit the nail on the head.

Anyone trying to discern information from the past 1.5 decades (actually more) is ignoring just how unique the recent past has been. Never in history has there been such a loose rate policy (supercharged with QE). Money has never ever been cheaper than it has been in recent history. Take lessons from an anomaly at your own risk.