Let me just start this by saying thank you to all those corporate chieftains for the lovely returns over the last six years. Bravo. You rocked it, and my investors and I greatly appreciate it. We toughed it out through the Great Recession, stuck to our investments, and we are richer for it. You chieftains capitalized on the financial engineering gravy train like no one's business—you became the biggest buyer of your own stock.
In fact, this past April saw U.S. companies announce $141 billion worth of stock buybacks, a new record for a single month. According to Birinyi Associates, the single biggest factor for keeping this bull market alive and well has been stock buybacks, even as investors have been net sellers of U.S. stocks this year.