Observers of the US political scene complain about a dearth of leadership. The same is also true of the corporate world. Just as politicians are mesmerised by polls, chief executives are enslaved to the share price. Today’s US bull market is sustained by one key ingredient: the share buyback. Profit margins are falling. Investment opportunities are apparently lacking. All that remains is to shrink the number of shares. America’s buyback boom may not be a crisis of capitalism. But it is a warning sign. When companies put their chips on financial engineering they are betting against the future.
美国政坛的观察家抱怨美国政界缺乏领导力。美国商界也同样如此。就如政治人士过分关注民意调查结果，企业的首席执行官们已变成了股价的奴隶。维持当前美国牛市的一个关键要素是股票回购。利润率正在下滑。投资机会显然不足。剩下的只有缩减股票的数量了。美国的股票回购热潮或许不是一场资本主义危机。但这股热潮是一个警告信号。当企业把筹码押注在金融工程上的时候，它们就像是在与未来对赌。