Companies Set to Invest Again, After 'Lost Decade' of Capex

While HSBC (HSBC) shareholders are surely celebrating, I find the news that Europe's biggest bank will add $2.0 billion to its existing share buyback program, taking it to $5.5 billion in a year, profoundly depressing.

In fact, I find all share buybacks depressing: money that could be used to innovate and grow the business is instead spent on bolstering the share price, decreasing the share count and artificially boosting earnings per share. This kind of financial engineering sounds great for the short term. But it's not so great if you plan to invest in that business for the longer term....500 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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