Any tool can be used for the right job or for the wrong job. As Charle Munger says, "To the man with the hammer, everything looks like a nail." It looks to me like stock buybacks are lately the hammer of corporate finance.
At current market levels, I am bearish. That doesn't mean I'm always bearish, but the relative upside in the equities markets is much less appetizing than potential pain of the downside risk. Given how dynamic the market is, that can change.
