As regular readers are no doubt aware, the persistent bid under the US equity market during Q1 came courtesy of price insensitive corporate managment teams who, in a rush to take advantage of rock-bottom borrowing costs just in case the Fed decides to go crazy and actually raise rates later this year, have issued a record amount of debt and plowed the proceeds back into their own shares, artificially inflating the bottom line and boosting their own equity-linked compensation in the process.