A Good Discussion On Corporate Stock Buybacks and Dividend Payouts

This is a link to a good discussion of buybacks and dividend payouts.  This may have an effect on stock prices but business fundamentals are the most important driver of stock returns for most firms.  It does raise questions, however, about over leverage.  Corporations have been taking advantage of low interest rates and they have used much of that debt to buyback shares and increase dividend payouts.  That makes them less able to respond to a bad business cycle.