From the Globe and Mail...
"Canadian companies reluctant to reinvest excess cash are instead buying back their own shares at a furious pace. Buybacks by companies in the S&P/TSX Composite Index soared to nearly $50-billion in the 12 months up to the end of the first quarter. As a proportion of the whole stock market, that’s around 50 per cent higher than the previous record set a decade ago, according to a report by Ian de Verteuil, head of portfolio strategy for CIBC World Markets."
The Market in Canada is buying the Market, as it is in the USA. This cannot last, and when it ends, the Market will fall.
The Last Days of the Free Money Disco.
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