Confluence Investment Management published a report discussing how the SEC's position on buybacks changed in 1982 and its impact on shareholders.

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For decades, but particularly since the Great Financial Crisis, stock buybacks have played an increasing role in supporting stock prices, and the markets tend to stall w…

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About Confluence Investment Management

Confluence Investment Management LLC is an independent Registered Investment Advisor located in St. Louis, Missouri. We provide professional portfolio management and advisory services to institutional and individual clients. Our investment philosophy is based upon independent, fundamental research that integrates our evaluation of market cycles, macroeconomics and geopolitical analysis with our value-driven, fundamental company-specific approach. Our portfolio management philosophy begins by assessing risk, and follows through by positioning clients to achieve their income and growth objectives. The Confluence team is comprised of experienced investment professionals who are dedicated to an exceptional level of client service and communication. We develop innovative investment products for our clients, and our disciplined investment process and performance has stood the test of time across a broad range of economic and market cycles. http://www.confluenceinvestment.com/assets/docs/2014/Social_Media_Disclosures_9-10-14.pdf

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