Stock buybacks or share repurchases is one of the most controversial subjects in finance.
Some investors believe that they are a waste of money, and would rather excess company cash be returned via dividends. Other investors like buybacks, but hate dividends.
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Companies have also recently been criticized for using buybacks to enrich investors and managers at the expense of all other stakeholders. The Financial Times recently highlighted the repurchase activity of Microsoft, which has spent $16.8 billion buying back 150 million shares over the past 12-months but issued 116 million brand new...
