U.S. Equity Strategy: Buybacks to Remain Strong Amidst Uncertainty Buybacks have been a key theme through this cycle with S&P 500 companies returning ~$5 trillion to shareholders since 2009 and contributing ~2% to annual EPS growth (S&P 500 divisor has fallen to 1999 levels, see Figure 30). Despite the recent market volatility, buyback activity has been very strong during 4Q18…
“One-half of life is luck; the other half is discipline — and that’s the important half, for without discipline...
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Cross-asset strategy: Higher rates was one of late 2020’s most-consensus views, but higher rate volatility was not. Hence,...
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