Why Apple, Microsoft and other big buyback stocks are crushing the S&P 500's returns
Why Apple, Microsoft and other big buyback stocks are crushing the S&P 500's returns
Some long-term valuation models are projecting negative overall returns for the S&P 500 over the next decade. Analysts are expecting rising interest rates to weigh on earnings growth, so companies may start turning to more aggressive share buybacks to boost EPS.
一些长期估值模型预测，标准普尔500指数未来10年的整体回报率为负值。分析师预计，利率上升将拖累盈利增长，因此企业可能会开始转向更积极的股票回购，以提振每股收益。
Deep Pockets: In the third quarter of 2021, $Apple(AAPL.US)$ led all S&P 500 companies with $20.4 billion in buybacks. $Alphabet-A(GOOGL.US)$ was a distant second with $15 billion in buybacks, followed by $Meta Platforms(FB.US)$ with $12.6 billion.
财力雄厚：在2021年第三季度，$苹果(AAPL.US)$以204亿美元的回购领跑所有标准普尔500指数成份股公司。$Alphabet-A(谷歌)$以150亿美元的回购远远排在第二位，紧随其后的是$Meta平台(FB.US)$126亿美元。
Over the last decade, no company has come close to Apple in the buyback department. Apple has bought back $487.6 billion in stock since 2012. $Microsoft(MSFT.US)$is a very distant second with $147.1 billion in buybacks, followed by $JPMorgan(JPM.US)$ with $146.2 billion.
在过去十年里，没有一家公司在回购方面能与苹果相提并论。自2012年以来，苹果已经回购了价值4876亿美元的股票。$微软(MSFT.US)$以1471亿美元的回购远远排在第二位，紧随其后的是$摩根大通(JPM.US)$1462亿美元。
Why Buybacks Matter: It should come as no surprise to investors that all three of the stocks that have been most aggressive in buying back shares over the last 10 years have outperformed the $SPDR S&P 500 ETF(SPY.US)$ total return by a wide margin in that period.
为什么回购很重要：对于投资者来说，过去10年来在回购股票方面最为积极的三只股票的表现都好于$SPDR标准普尔500指数ETF(SPY.US)$在此期间，总回报率大幅上升。
The SPY fund has a 10-year total return of 285.6% compared to 420.4% for JPMorgan, 962.7% for Apple and 1,030% for Microsoft.
标普500ETF基金的10年总回报率为285.6%，而摩根大通为420.4%，苹果为962.7%，微软为1,030%。
Share buybacks don't boost a company's net income, but they do boost a company's earnings per share and lower its price-to-earnings multiple by reducing a company's total number of outstanding shares. Buybacks also generate internal demand for shares of stock and reduce a stock's total float, both of which can pressure share prices higher.
股票回购不会提高公司的净利润，但会提高公司的每股收益，并通过减少公司的总流通股数量来降低市盈率。回购还会产生对股票的内部需求，并减少一只股票的总流通股，这两者都可能压高股价。
Buybacks are often also an incorrect indication of a stock with a healthy business and extra cash flow to spend — the exact type of company that makes for a solid long-term investment.
回购通常也是一个错误的迹象，表明一只股票拥有健康的业务和额外的现金流可供支出-能够进行可靠的长期投资的确切类型的公司。
S&P 500 companies collectively repurchased a record $234.6 billion in stock in the third quarter of 2021, up 18% from 2020 levels.
2021年第三季度，标准普尔500指数成份股公司总共回购了创纪录的2346亿美元股票，比2020年的水平增长了18%。
Benzinga's Take: One way for investors to gain diversified exposure to buyback stocks is the $Invesco International Buyback Achievers Etf(IPKW.US)$, which invests in stocks that have repurchased at least 5% of their outstanding shares over the past 12 months. Unfortunately, the ETF has underperformed the $SPDR S&P 500 ETF(SPY.US)$ over the past five years.
本辛加的观点：投资者获得回购股票多元化敞口的一种方式是$景顺国际回购Achiever ETF(IPKW.US)$，该公司投资于在过去12个月中回购了至少5%流通股的股票。不幸的是，该ETF的表现逊于$SPDR标准普尔500指数ETF(SPY.US)$在过去的五年里。