名人名言（四）

公司回购自身的股票就一定是好事吗？看看David Pauly怎么说。

The skinny on buybacks :-
Ø Investors have somehow accepted the notion that stock buybacks are good for them.

Ø Often a company with bad news to tell couples it with a plan to repurchase some of its shares - and, in knee-jerk fashion, the stock price goes up instead of down. Hyped as a device to increase EPS and therefore, stock prices buybacks have soared.

Ø If companies actually can’t find investment promising reasonable returns, why not give the extra cash to shareholders? Stockholders could use the money to seek higher returns on their own. Analysts and chief executive officers talk nonsense when they insist that buybacks ‘return’ money to shareholders.

Ø Companies may use repurchases of shares as a cover for poor earnings growth.Many big investors, continue to pressure companies to buy back their shares. Better to urge them to make more imaginative use of their cash.