Buybacks were not illegal prior to the SEC rule. 10b-18 creates a safe harbor against liability.https://www.investopedia.com/terms/r/rule10b18.asp …
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Guess I may have worded that poorly after former Labor Secretary Reich’s framing.
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#ConfessYourUnpopularOpinion buybacks are fine, the real problem is low taxation of capital gains. -
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#buybacks are not fine when the company is indebted and, in fact, getting in debt to buy the shares back. This is the case for most of these companies so that the executives can dump their stock based compensation. There has to be a rule against it. - 2 more replies
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Galaxy brain take: stock buybacks are good, shareholder value maximization as a fiduciary duty is good. Both together are a toxic cancer because they become a Goodhart’s-law hack of the reward function. Why bother thinking too hard about how to build value when you can game it.
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haha wow
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