On September 17, 2007, Capital Flow Watch called the top of the Buyback Bubble, issuing a warning that stock prices might be in for a sharp fall. Unfortunately, that comment turned out to be correct. The outlook considered two simple facts: Stock prices are supported by equity buybacks, which, in turn, now […]

It is always somewhat foolish to attempt to call the top of a bull market or the precise moment when a speculative bubble pops, but sometimes its better to be foolish than sorry. During the ides of July 2007, when the Dow Jones Industrial Average was gently massaging 14,000, signs appeared that air was finally beginning […]

During the DotCom Bubble of the 1990s, Jeff Skilling was invited to that temple of moral relativism, the Harvard Business School, to implant eager young minds with his lessons for success. I wonder who now has taken his place, at the height of the Great Buyback Bubble and whether they will suffer the same fate as […]