Like everybody else, I love dividends. Always have and always will.
I am also a big fan of stock buybacks.
I get a kick out of the endless debate about stock buybacks. They are neither good nor bad in and of themselves.
Stock buybacks are fantastic at low valuations with funds generated by the business. However, done at high valuations using borrowed money, stock buybacks are horrible.
This post originally appeared at Investors Alley.