There's a reason investors have blindly trusted Wall Street's "buy the dips" mantra since 2009.
In fact... there are 2.3 trillion reasons.
That's because since 2009 U.S. companies spent more than $2.3 trillion buying back their own shares, according to a report by Aranca Investment Research Services.
All that buying acted as a floor for stocks and launched the major indices to new heights.
But now, after watching stocks fall off the "Wall of Worry" this year, instead of climbing it, investors who simply bought the dip without any strategy are praying new buyback programs will start lifting stocks.
Too bad for them (and too bad for the companies that wasted billions of dollars watching their shares fall back to Earth), all the upcoming share buyback announcements combined can't put Humpty Dumpty back together again.
That's because sentiment about global growth, about the market, and about the long-term value of buybacks has changed.
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