PREVIEW

... , it pours.

This isn’t rain.

It’s damn knives.

A company depleting its circulating funds and, furthermore, incurring debt to buy back its own stocks—if either happened independently, it wouldn’t be a big deal, given the tradition of American companies to buy back their own shares.

But the purposes are different.

If it’s to stabilize the stock price, then it’s bad news.

If it’s to boost end-of-year performance, then it’s good news.

Clearly. ...

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