Phil Oakley 

Lockdown reveals the harsh truth about balance sheets and buybacks

Lockdown reveals the harsh truth about balance sheets and buybacks

Quite often it takes an event for people to wake up and realise that something they thought was a good thing isn’t actually the case. The coronavirus, and the lockdowns that followed, has been such an event in so many ways. It has laid bare the strength or otherwise of company business models, but has also served to shatter the theory that debt and share buybacks make shareholders richer.

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