A slowdown in share buybacks would be the biggest risk for investors betting on continued gains in U.S. stocks.
Over the past 10 years, share repurchases have been an important support for the S&P 500's returns: 40.5% share repurchases, 21% p/E ratio, 31.4% earnings per share and 7.1% dividends.
According to S&P Dow Jones indices, US Q3 share buybacks have set a record, while capital spending remains below pre-pandemic leve...