It might not be a bad idea to hold cash 10 years into a bull market.https://twitter.com/garrytan/status/1137374665284866048 …
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Although literally the second half of the sentence is that they’re also buying back stock, which is an odd way of hoarding cash and pre-empting the end of a bull market
Buybacks are just a tax-advantageous way of returning capital to shareholders.
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Bc dividends are taxed higher than lt cap gains?
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Of course. But a firm buying back expensive stock [assuming the end of the cycle theory is correct] to return capital to shareholders who want to sell their shares and keep their $ in cash is just a transfer of wealth from remaining shareholders to the departing shareholders
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