>I read recently that in 2006/2007 U.S. Corporations spent over $1.0 Trillion in buyback programs. What a bad investment.<
Each case ought to be considered on its own merits. For instance, PFE should buy back shares aggressively, IMO, because there are no acquisitions that could be nearly as accretive to EPS at the current share price.
For the most part, the companies who screwed up on buybacks are the ones who repurchased shares merely to offset dilution from the exercise of stock options—with little or no regard to whether the buybacks represented good value.
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