Warren Buffett, chief executive of Berkshire Hathaway, has always argued buybacks make sense if a company is trading below its ‘intrinsic value’. Photograph: Rick Wilking/Reuters

US companies, flush with cash following Donald Trump’s corporate tax cuts, spent a record $930 billion on stock buybacks last year: a similar outlay i(...)

NYSE trader: an emphasis on share prices and on meeting quarterly earnings expectations has led to destructive short-term behaviour by some chief executives. Photograph: EPA/Justin Lane

The idea that a company’s primary purpose is to enrich its shareholders is the “dumbest idea in the world”, according to high-profile GMO strategist J(...)