If you think about the last year, we've had basically 12-12.5 months of pretty persistent outflows from equities that have basically been financed by the buybacks. So the buybacks are basically the only bid, net bid over time for U.S. equities over the last 12 months. If that buyback bid is basically in technical blackout period, you're going to have the kind of air pockets that we are having over the last week or so.
Buyback Bid Will Return To The Stock Market: Deutsche Bank's Binky Chadha
1/22/2016 03:55:00 PM | via @Dvolatility |