STOCK BUYBACKS

I do not like stock buybacks, but  I have bought one of the ETF that specializes in them.  I think stock buybacks are a waste of money, but many companies that do them seem to do quite well  I think it is earning that count and not Price to earnings.  A recent article on CNBC, however, agrees that buying back stock is an iffy situation.

According to Goldman Sachs, stock buybacks will surge by 18 percent in 2015, exceeding $600 billion and accounting for nearly 30 percent of total cash spending.*
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Of the four exchange-traded funds that focus on companies that heavily buy back their shares, two have beaten the S&P 500 stock index in recent years, and two have trailed it. 
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Companies that have executed the 25 biggest buybacks since the end of 2011 have risen 21 percent since, according to a CNBC.com analysis. (We assumed investors bought 100 shares of each company announcing a buyback at the closing price on the day of the announcement). That compares to 53 percent for the broader market. Of the 25 buyback stocks, just 11 have beaten the market since the repurchases were disclosed, and many have benefited from obvious macro trends.
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Buffett said in Berkshire Hathaway's 2012 shareholder letter. "But never forget: In repurchase decisions, price is all-important. Value is destroyed when purchases are made above intrinsic value." 

http://www.cnbc.com/2015/09/08/ybacks-are-killing-economic-growth.html