The latest one comes from Fedex. Following the example of Germany's Deutsche Post-DHL, the American logistics giant reported a 3.5% drop in sales for the last quarter, and a 22% fall in operating profit compared to the same period last year.

For fiscal year 2023, Fedex generated a cash profit of $2.7 billion - i.e. $1.2 billion less than its net income, due to the working capital adjustment - entirely returned to shareholders via $1.5 billion spent on share buy-backs and $1.2 billion distributed in dividends.

This choice of capital allocation is easily defensible. The stock has traded between x11 and x15 its - book - earnings in recent months, on its ten-year valuation lows. Between 2014 and 2016, the previous wave of share buybacks had been far less inspired.

Over the cycle, Fedex doubled its sales and tripled its profits. Perhaps the market feels that its growth potential has now been exhausted, despite the group's substantial international exposure - which sets it apart from its rival UPS, two-thirds of whose sales come from the USA.

UPS's valuation has also been suffering in recent months, but to a lesser extent than Fedex's. Between the two, the market has always favored concentration on the US market, hence the slight valuation premium.

It's true that UPS generates much higher margins than Fedex. However, its sales have grown at a much slower pace.