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Buybacks and dividends decline amid capex surge, Jurrien Timmer notes

Buybacks and dividends decline amid capex surge, Jurrien Timmer notes
Capex surge reduces buybacks, dividends

Jurrien Timmer observes that while buybacks remain a key aspect of financial engineering, a surge in capital expenditures is putting downward pressure on buybacks and dividends when measured as a percentage of earnings.

Timmer points out that this shift is illustrated by recent secular analogs and the cape model chart, noting it as a minor nuance in the broader market landscape.

Timmer has previously cautioned that simple valuation metrics such as CAPE and market cap to GDP can mislead if they do not account for shifts in earnings and margins, as noted in recent analysis. He has also highlighted a rising correlation between stocks and bonds, which has increased the importance of diversifiers like commodities and managed futures, according to his earlier comments in another report. These factors continue to shape his market observations.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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