Buyback mania isn&#x27;t necessarily good for shareholders. Paying too much for share buybacks is as bad as paying too much for anything else.* And, empirically, buyback mania tends to be strongest when share prices are high. By contrast in early 2009, when the US stock market was a great deal, buybacks were rare.<p>To be fair, though, overpriced buybacks do benefit investors who have warrants or options.<p>-----------------------------<p>*Unless you happen to get lucky and time the market. Very few people can do that repeatably.