&gt;<i>And, empirically, buyback mania tends to be strongest when share prices are high</i><p>Stock prices are high because profits are high and hence companies have lots of cash with few places to invest.<p><a href="https:&#x2F;&#x2F;research.stlouisfed.org&#x2F;fred2&#x2F;series&#x2F;CP" rel="nofollow">https:&#x2F;&#x2F;research.stlouisfed.org&#x2F;fred2&#x2F;series&#x2F;CP</a>