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This is interesting, but I'm slightly disturbed by the logic. After all, if corporations are on net buying rather than selling stock, the rest of the market must, by definition, be net sellers – it's an accounting identity 1/ nytimes.com/2019/02/25/bus…
I mean, by definition you can't have a market in which there are only buyers, no sellers. What's presumably going on here is that buybacks are making stocks pricy enough that individual and institutional investors are divesting. 2/
But the story here is about corporate behavior, not some kind of buying strike by everyone else. And it doesn't say much in itself about whether the market is properly valued 3/
