It's also interesting watching Alphabet buy back $100 billion of stock over the last two years, when the price was half what it is today, only to turn around and sell shares now at the higher price.

I know GAAP accounting won't recognize any capital gain on these treasury operations, but from an economic standpoint this financial judo creates a lot of value for existing shareholders.

Really? lol.

Tech firms should always have a buffer and never get too close to the optimal debt ratio.

I think they have learned a lot re. what happens if you are asleep at the wheel now.