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Are Share Buybacks Actually Good For Investors?

Neither buybacks nor dividends actually increase any value of anything for the shareholder. Dividend payments are often accompanied by -- share price drops. If you understand how to value equity, you understand these are just capital allocation decisions. Over time, share buybacks are an investment in themselves, which should hopefully beat the return on cash. Share buybacks may prove to be a great thing for the company to have done. They may not. They should return somewhere close the cost of equity - just like dividends redeployed into the stock market would. Both have their use and misuse.