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governance

Shrink to Grow: The Buyback Paradox That Hollowed American Industry

Rule 10b-18 created a safe harbor for buybacks in 1982. What followed was not theft but diversion—each dollar buying back shares cannot build factories, train workers, or seed the future. A patient anatomy of the machine and the futures it withheld.

Aug 2, 202520 min

governance

The Buyback Standard: How Rule 10b-18 Turned Markets Into One-Way ATMs

A 1982 SEC safe harbor made buybacks routine. Today they move hundreds of billions quarterly, driven by EPS targets and executive comp—with thin disclosure and lopsided gains. The tool isn't the problem; the incentives and opacity are.

Jul 19, 202516 min