Subject: Re: Chevron Buyback & Dividend Raise
The posts from mungo, manlobbi, and rnam are of course accurate. Things get a tad more interesting with buyback debt.

I was, for a long time, a young man who had endless energy to analyze financial things. Those days have eroded so I'll ask (and hope someone responds) by making a statement:

Buybacks funded with debt at fair or intrinsic value to are the same as the company borrowing money to buy stock in other companies.