In Chapter 17. the practice of repurchasing its own stock by the management of a company is explained. This practice of share buyback has been criticized. In 2014, for example, Larry Fink, CEO, and co-founder of BlackRock, the largest asset management firm in the world, expressed concern pursued by this corporate policy: "Too many companies have cut capital expenditure and even increased debt to boost dividends and increase share: buybacks*" (Larry Fink, letter to CEOs dated March 21, 2014) In Fink's annual letter to CEOs in 2017, he basically warned CEOs of the world's largest corporations about the practice of excessive stock repurchases and dividend distributions, writing (Larry Fink, letter to CEOs dated Jantary 2017 ). "In fact, for the 12 months ending in the third quarter of 2016, the value of dividends and buybacks by SEP 500 companies exceeded those companies' operating proft. While we certainly support returning excess capital to shareholders, we believe companies must balance those practices with investment in future growth. Companies should engage in buybacis only when they are confident that the return on those buybacks will ultimately excend the cost of capital and the long-term returns of imvesting in future growth:" What is your view on Larry Fink's arguments against share buybacks? Your initial post is due on Saturday, 11:59 pm ET. You will not see others' posts until you make your initial post Once you submit your initial post, you may then view the posts of your classmates. You then must respond to the post of at inast one