Having long mocked the sheer idiocy of using organic cash or worse, debt proceeds, to fund buybacks just so management can eek out a few more million in equity-linked compensation while activists enjoy a few extra points in P&L on the back of naive bondholders managing ‘other people’s money’, we were delighted to see the buyback bubble begin to burst in the middle of 2015 starting with Michael Kors (as detailed in “When Stock Buybacks Go Horribly Wrong“) and Monsanto (“read more