no bubble

Doug Henwood dhenwood at
Wed Apr 12 11:09:51 PDT 2000

JW Mason wrote:

>Right. But my point is, dividends should properly include net stock
>purchases as
>well. In recent years, those have run at 50-100% of dividends.

But dividends are meant to be a recurring feature, more stable than earnings, and a sustainable minority of earnings at that. The recent level of buybacks is almost by definition not a predictably recurrent feature.


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