While we already know that there is only one true irrationally non-economic buyer of stocks in the US equity market, getting confirmation from none other than Goldman Sachs is another matter... GS: "BUYBACKS yday accounted for 17% of our total flow, at times 33%" Sourced from a run, this explains the machine-like vertical buying panic of the completely indiscriminate "well stocks are down and we need to maintain our bonuses) corporate buyback machine. And as a reminder, expect much more of this: as Goldman forecast (and hopes to pocket commissions on) two weeks ago, of the $220 billion in net inflows into equities, $450 billion, the most ever, will be due to stock buybacks, even as households and pension funds both sell to corporate CFOs, whose only interest is to boost their equity-linked compensation. Courtesy of https://twitter.com/BergenCapital!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)?'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+"://platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs");