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> Right now they will use any savings to buy back stock

It seems you imagine that isn't actual investment. Of course it is, just like anyone else buying stock is investing the money.

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No, actually this is not investment. It’s returning money to shareholders who may decide to invest, or they may not.

The money gets spent or invested. Not hoarded. Invested money gets spent as well. After all, companies do not sell shares unless they intend to spend the proceeds. It's the whole point.

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