Corporate buybacks are a large part of the bull run in equities since 2009.
Buybacks in the S&P totalled $3.8 trillion since 2010. For the period that ended in June, the last full year record, the buybacks are the highest ever.
Stock buybacks are not a sign of stocks being cheap. Instead, they run lockstep with earnings. Companies buy their stock when they have plenty of money and there are not better alternatives out there.
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