DM Monthly Report – March 2018

A FLOOD OF CASH? Since markets bottomed in March 2009, the most prolific net buyer of stocks has been corporations retiring their own shares. In fact, US companies have bought back about $3.5tn worth since 2010 and, if the nearly $2tn in dividends paid over that time is included the corporate handout to shareholders has dwarfed even the Fed’s massive and much more publicized quantitative easing program. While some of this repurchasing was paid for with debt, as companies took advantage of record low interest rates to reconfigure their balance sheets, the lion’s share was funded with internally generated cash.

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