We investors really love share repurchases. We also resent accusations of short-term thinking. It upsets us that our love of share repurchases has led to those accusations. 

We pulled together some data that refutes these accusations. Other good analyses do so by appealing to the long holding period of our investments, or by analyzing the positive long-term impact of activist investing on portfolio companies. 

We wondered, how do investors use the proceeds of share repurchases? Clearly, we don't frame the checks uncashed, incinerate the bills, or put the money in a mattress.