Jim Chanos has a new investment thesis the focuses on company buybacks

Jim Chanos has a new investment thesis the focuses on company buybacks. He says that when companies engage in big stock buybacks they're actually displaying a sign of weakness as opposed to strength. Corporate CEOs, with their massive share-buyback programs are in effect investing in the stock market rather than in expanding business opportunities at their companies. Either they expect higher returns from the market, or lower returns in their business, or some combination of both. Given their questionable track record in timing the market, this may be a cause for concern.