For those who want to understand buybacks, please read the first 7 pages of [1]. This is the leverage ratchet effect in action. [1] https://www.gsb.stanford.e

For those who want to understand buybacks, please read the first 7 pages of [1]. This is the leverage ratchet effect in action. [1] https://www.gsb.stanford.edu/faculty-research/working-papers/leverage-ratchet-effect https://www.gsb.stanford.edu/faculty-research/working-papers...