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Microsoft's History of Share Buybacks

http://www.fool.com/investing/general/2013/09/18/microsofts-history-of-share-buybacks.aspx

Morgan Housel
September 18, 2013

Microsoft (NASDAQ: MSFT) announced a new $40 billion share buyback program yesterday. This replaces an old $40 billion buyback authorization set to expire later this month. The new buyback program has no expiration date, though such plans are often canceled or altered.

Is this good news for shareholders? Likely. Microsoft shares are cheap, the company has more cash than it knows what to do with, and buybacks are a tax-efficient way to reward shareholders.

But with all share buybacks, there's a catch.

Corporate manage