It seems that the Christmas spirit was present a little bit earlier than usual this year. U.S. Companies have executed the biggest buybacks since 2009, which in nominal terms, means the biggest one in history. On the back of the Fed message about rates, and probably discounting the possibility of financing those buybacks at lower rates again, corporations more than doubled the historical average of weekly buyback flow. That’s why indexes are close to historical peaks. As we close the year, it will go to history books as one of the best ones in terms of returns, after a disastrous ‘22. It doesn’t feel like it, since it’s been a rocky year in many fronts, but this last push may change our perspective as we move into the new year, and might set the tone for January.
As you reflect on the year that leaves us, on behalf of the team at Fund@mental we want to take this opportunity to thank you once again for reading our posts, for following us and for using our platform, which is your platform.
Merry Christmas.
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