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| Subject: Total Returns Total Shareholder Return (TSR) is a concept used to compare the performance of different companies’ stocks and shares over time. It combines share price appreciation and dividends paid to show the total return to the shareholder. The absolute size of the TSR will vary with stock markets, but the relative position reflects the market perception of overall performance relative to a reference group. [Wikipedia: 2009] Equity repurchases: By John Schroy, on September 30th, 2009 |  Leave a comment  Stock buybacks failed to dominate the US equity market in the second quarter of 2009. Non-financial corporations were net issuers of equities for the first time in many years. Lack of corporate cash and a need to reduce leverage seem to be what’s driving the market. However the SEC has not revoked Rule 10b-18 and stock buybacks still have a lot of support. Will stock buybacks return with better times? September 30th, 2009 | Print Article |  Email Article |  Topics: Common Stock, SEC Rule 10b-18, Total Returns | Category: Stock Buybacks | Leave a comment |  Short urlThe Efficient Market Hypothesis By John Schroy, on March 23rd, 2009 | Leave a comment  The Crash of 2008 was exacerbated by a FASB mark-to-market rule that required financial institutions to write down assets below commonsense valuation. As John Maynard Keynes remarked, the problem was an academic scribbler’s unproven theory, some forty years ago. That ’scribbler’ was Eugene Fama and his unproven idea was called “The Efficient Market Hypothesis”. The Crash of 2008 did much to discredit this harmful musing that supported Modern Portfolio Theory, mark-to-mark accounting, and unmanaged index funds. March 23rd, 2009 | Print Article | Email Article | Topics: AIG, Barney Frank, Bernard Baruch, Chris Dodd, dividends, efficient market hypothesis, FASB, Franklin Raines, George W Bush, John Maynard Keynes, mark-to-market, Morningstar, Standard & Poor's, Total Returns, US SEC, US Treasury, Warren Buffett | Category: Economic Theory | Leave a comment | Short urlCalling the top By John Schroy, on September 17th, 2007 | 4 comments  It is always somewhat foolish to attempt to call the top of a bull market or the precise moment when a speculative bubble pops, but sometimes its better to be foolish than sorry. During the ides of July 2007, when the Dow Jones Industrial Average was gently massaging 14,000, signs appeared that air was finally beginning to leak out of the Great Buyback Bubble that has long characterized the US equity market. The headlines were about a liquidity crunch, sub-prime lending, and banking risk, but the buyback band kept on playing, as if these events were in some parallel universe. September 17th, 2007 | Print Article | Email Article | Topics: Corporate Governance, depreciation, executive stock options, Hillary Clinton, Inflation, Jimmy Carter, liquidity, Stock Buybacks, sub-prime mortgages, Total Returns, US taxation | Category: Stock Buybacks | 4 comments | Short urlFeatured articles on inside pages
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