weakest capital spending cycles on record. In fact, you have to think to yourself, how is it with interest rates this low for this long, that when you're a typical CEO of a company, what could possibly have been your ex-anti expected rate of return on invested capital in your company, boring at such low rates? No, instead, I'm not going to invest organically in my company. I'm actually going to go buy back my stock. And this really comes down to how perverse the incentive system is because CEOs get paid on what? They get paid on earnings per share. So this is the mother of all share buyback cycles. So that's where the bubble is. And I would say that you can argue that at least six or 700 points on the S&P 500 have come just from the buybacks this cycle. This certainly hasn't come strictly from dollar billions of earnings, but the fact that the share count in the S&P 500 has been taken down to a two decade low. What about corporate debt too, which has been used in support of that as (17/57)
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