I'm always curious about the "market is overpriced" aspects that people talk about. This is generally centered around PE ratios.
A lot of big companies have dumped many billions into stock buyback programs.
I'm curious what the actual effect of this on PE ratios is, because it seems that these buybacks would actually serve to increase PE ratios - is there any actual concentrated effort to investigate this? I have searched a fair bit but not really found anything.