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A comment on How Satya Nadella turned Microsoft around. Parent comment

Re:How Satya Nadella turned Microsoft around by na85 on Friday October 23, 2020 @09:55PM (#24876283)
Sounds to me like the CAPM economic model is in need of revision. Buybacks are a common tool for increasing shareholder value and investor sentiment figures heavily in asset pricing.
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Re:How Satya Nadella turned Microsoft around by btilly on Friday October 23, 2020 @10:05PM (#24876318)
There are a number of reasons why buybacks can increase prices. See https://www.mckinsey.com/business-functions/strategy-and-cor... for a list.

All are second order effects.

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