A diary of the thought process behind my investment decisions
What Is Really Driving This Market
A big driver of the move in the market for the past 5 months has been stock buybacks. Solid free cash flow and cheap borrowing rates has allowed companies to repurchase their shares aggressively. From the FT:
TrimTabs estimates the actual deployment of announced buybacks is running at a rate of $1.7bn daily in the fourth quarter of last year, up from $1.3bn reported by S&P in the third quarter.