It is all in the price. If you invest and create value in the future, it is in the price today. The only reason companies are doing buybacks is because it incr

It is all in the price. If you invest and create value in the future, it is in the price today. The only reason companies are doing buybacks is because it increases the CEO's comp (if you reduce shares, you increase EPS...many bonus packages are based on EPS). If anything it has a negative impact on returns because companies will typically buy back shares when they are overvalued. I think people assume that there must be a reason why companies are doing all this...there isn't. Companies are run for executives. It was bad ten years ago, since Covid it has reached comedic levels (where you have executives on packages at loss making companies that are meaningful percentages of the company market cap).