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From Investment to Savings: When Finance Feeds on Itself

americanaffairsjournal.org · 5,846 words · saved by 1 readers

“He became fascinated by the contortions of money—how it could be made to bend back upon itself to be force-fed its own body.” —Hernan Diaz, Trust Sea changes in financial markets are not always obvious. It is now undeniable that open-market share buybacks have had a significant impact on equity markets, but little was made…

Spring 2025 / Volume IX, Number 1 “He became fascinated by the contortions of money—how it could be made to bend back upon itself to be force-fed its own body.” —Hernan Diaz, Trust S ea changes in financial markets are not always obvious. It is now undeniable that open-market share buybacks have had a significant impact on equity markets, but little was made of the adoption of the SEC’s 10b-18 rule in 1982, which allowed corporate share repurchases to eventually become widespread. 1 The evolving annuity market, still relatively small, may represent another such transformation. The rapidly blos

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