I think the fed may be jumping the gun here. Inflation is going to naturally reduce the real size of their balance sheet over time, as long as it isn't reigned in too quickly or left unchecked.
Interesting theories, all certainly have compelling brands, although not each one is a winner. Broader Macro trends are likely to be key influences for these companies ability to spin off cash to shareholders.
Share buybacks are often a sign that future business and R&D opportunities are limited. Would rather see this money invested in growth, be it organic or inorganic, instead of spending money to pacify shareholders.
Don't discount the huge infrastructure investment being planned across the US, and expect European countries to follow suit as well. Add in the military spending by European governments and I reckon we'll see some strong growth yet.
