Buybacks are at record levels.  Historically, buybacks have not always been good over the long term, specially if the buybacks continue well past the point fair valuation for the company.  Then we have those companies whose executives use the strategy as a personal piggy bank.  

Then there is the cyclical nature of economies, what seems cheap one moment can look down right expensive in a different economic and/or interest rate environment.

That said, there are companies that have traditionally done quite well in managing how and when to do share buybacks, but they are not the majority.

Jester,

I often feel frustrated by the fact that I haven't really ever found a way that the 'common man' would be aware of major economic events such as the Fed's policy, and how that plays out in terms of both consequences down the road, as well as how it distributes wealth. I wish it were otherwise. But on the surface, unemployment is down, inflation is non-existant, and gas is cheap. And if they have a retirement portfolio, they probably just smile and feel reassured by the monthly statements. So what is there to complain about? (Unless you used to have a  job with benefits at GM, and now you're delivering packages 'freelance' for UPS.)

You and most others here have undoubtably had the experience of talking to a friend about such things, and watching their eyes glaze over with this 'you are boring me to death' stare, as if you were speaking in Swahili, lol.

Macy's is getting crunched, but IIRC Kohl's is flying on good sales numbers - do you want to 'focus' on the positive or the negative? If you do both at the same time, the 'glaze' kicks in early.