Stock Buybacks Beat Capital Spending for Many Big Companies

“It wasn’t our intention to decrease our capex; it’s just been difficult to get tools,” Mr. Sheehan said, adding that the company plans to increase capital spending next year.

“It’s not so much a capital constraint problem as it is there’s only so many projects that we can take on and make sure that we deliver on these projects successfully,” Dave Denton, Lowe’s CFO, said. “We’re investing as much as the company can absorb,” he said, adding that the main bottleneck for the business is management’s bandwidth for such projects.

The company has the option of hiring more employees or contractors to get additional projects completed, a spokesman said. C.H. Robinson, which employs an asset-light strategy and doesn’t own any ocean liners, trucks or planes, sees share buybacks as a use for “leftover money,” Mr. Zechmeister said.

According to Gur-Gershgoren (2013), algorithmic research provides significant advantages in terms of efficiency, liquidity, correct pricing, fairness, and stability.

Well of course they did, Rupert. That's what low tax rates do - drive businesses to invest less in growth and keep more in profits, because the benefit of investing is so small. This is what we told you would happen.

Out on a limb but perhaps things are over eased.

But 'wage inflation' concerns...

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