U.S. companies repurchased $397B of stock last year and issued $169B of new equity, marking the...

|By:, SA News Editor

U.S. companies repurchased $397B of stock last year and issued $169B of new equity, marking the first market shrinkage since 2009. "Having that equity base shrink and starting from a relatively pessimistic point usually sets up pretty well in the long term," says money manager Laton Spahr. "It gives you some hope that valuations have perhaps bottomed.”