I am replying to a comment which stated: > But in the past few years they have started committing to "returning 100% of free cash flow to investors" I was not

I am replying to a comment which stated: > But in the past few years they have started committing to "returning 100% of free cash flow to investors" I was not commenting on IBM's long term history. They made short sighted decisions, I think everyone can see that. As it stands now, investors don't want to give them any more money to continue along that path. Companies like Amazon reinvest in themselves with no dividend. Investors encourage this because they believe in what Amazon is investing in. Just wanted to provide a different perspective on why dividends/distributions are desired by investors in certain scenarios. A common view on here is that Wall Street is ruining things, but it is often a much more nuanced situation.