Kobeissi Letter, August 6
US companies announced $166 billion in stock buybacks last month, the most for any July on record. This surpassed the previous record of $88 billion in 2006. This is also TRIPLE the 2021-2023 average and more than DOUBLE the amount seen last year. Year-to-date, announced buybacks stand at $926 billion, $108 billion above the previous year-to-date record set in 2022. Financial and technology firms have been the main drivers of the surge.
