“virtually every single dollar raised through issuance of debt has been used for one thing – to buyback stock!”
It seems to me that if true this is a really big deal. It implies that there are few if any ways to invest money today that generate a return, even with near zero interest rates.
This is exactly what one would predict if net energy was falling.
Isn’t it interesting that Zero Hedge, the leading contrarian financial site, never mentions this thermodynamic possibility?
This denial thingy is truly amazing!
As a side note, the use of debt to buyback stock is like building mansions on a landslide prone slope. Someday this will prove to be a really bad idea.