Stock Buybacks!™ and the Monetization of Stock-Based Compensation
I love stock buybacks, but I despise Stock Buybacks!™ – the issuance of new shares to management with one hand and the buying back of those shares with the other.
Over the past decade, Stock Buybacks!™ have transferred more than a trillion dollars from shareholders to managers. Not founders, not entrepreneurs, not risk-takers … managers.
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