The captains of Corporate America are steering a record amount of cash into stock buybacks.
Companies have announced them this year at a rate of more than $5 billion a day. The buyback boom has been viewed by investors as a sign of confidence among CEOs.
“They’re buying back from the front door, and shoveling shares out the back door,” said John Mousseau, president of CEO of Cumberland Advisors, an investment firm that manages more than $3 billion.
“It would be like going on TV to tell everyone what stocks we like, and then selling them,” he said.
Read what else John has to say about stock buybacks at CNN’s website: https://money.cnn.com