> Instead of raising capital by issuing new shares, companies burn their earnings buying back existing shares from the public. It's insane! You're ignoring all

> Instead of raising capital by issuing new shares, companies burn their earnings buying back existing shares from the public. It's insane! You're ignoring all the ways that companies use their stock as a currency. From employee compensation to non-cash acquisitions, companies absolutely benefit from the secondary market. Especially in an era of low interest rates, it makes more sense for companies to borrow capital when they need it rather than raising money by issuing new equity, especially when other ways of issuing equity come with tax advantages.