The Devil’s Bargain: Why General Motors Stock Glows in the Dark

There are two ways to return value to shareholders, those insatiable creditors of corporate ambition: dividends, which drip like honey onto their tongues, or share buybacks, which vanish shares into thin air like so many whispers swallowed by night. General Motors has chosen the latter path with almost religious fervor. Its price-to-earnings ratio hovers around eight-a number that would make even the most jaded devil smirk at the inefficiency of modern markets.








