Ann: Qantas Group HY23 Appendix 4D and Interim Financial Report, page-61

Have the gonads to tag me if you are going to mock; Superman was virtuous and honest I thought?

The overwhelming meta-analysis of share buybacks, is in accord. Most finance academics, who unlike yourself have an inkling of balance sheet importance, will advise against share buybacks on wider welfare and macroeconomic risks in the longer term, but acknowledge they provide short term share price returns (how could they not, a standing buyer in the market) both in theory and empirically, at the expense of long term financial integrity.

You are clearly not even aware the US Gov' just put a 1% tax on buybacks, following the historical pattern of boom and bust which they have been exhaustively proven to exacerbate; you obviously didn't grasp the recent US airline study I gave you. Lets try again. Net of equity issuance, the 2019 tally of US share buybacks reached $600 billion. Just as they did in the GFC, COVID saw them turn net negative i.e. companies issuing shares in a scramble for cash to shore up their balance sheets. Funnily enough, just like Qantas did.

I DO read academic finance articles and suggest this a good start for your clearly very necessary financial education:

https://link.springer.com/article/10.1007/s10551-022-05076-3

Feel free to show me the Nobel Prize awarded for work on share buybacks? I will give you a clue. There isn't one:

https://www.nobelprize.org/prizes/lists/all-prizes-in-economic-sciences/

Though many, have referred to them in discussions of information asymmetry, agency theory, cyclical theories, etc, etc.


You wouldn't know Milton Friedman from John Maynard Keynes.