🐋 Think Wall Street or sovereign funds are the market’s biggest whales? Think again. The real whale of the past decade has been... corporate buybacks.

Since 2012, the S&P 500 has shed nearly 30 billion shares—a ~10% reduction—via buybacks. Apple alone has retired a quarter of its float. 🤯

This “reverse IPO” has turned the S&P into a deflationary asset. Forget pre/post-QE — the real valuation shift is pre- vs. post-buyback era.

#Buybacks #SP500 #applestore