Photo: Associated Press
Of course, this makes total sense from Microsoft’s perspective. Debt capital is so ridiculously cheap right now for large, healthy companies, it really doesn’t make sense NOT to issue debt and return it to shareholders.
This kind of calculus is at the essence of the bull case on stocks, and we’re seeing it in action (not just with Microsoft, but also with HP — which is not only buying back stock, but also boosting the shares of all the companies its trying to snap up).
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