Maybe a subtlety, but I think buybacks are not returns to shareholders - I rather think of it in terms of a business buying out partners unwilling to stay with the business (like Walter White). The remaining partners do not see capital returns (of course their share on future residual cash flows increases) and bear the risk of the going concern.
Thank you for putting this together
Hi
Maybe a subtlety, but I think buybacks are not returns to shareholders - I rather think of it in terms of a business buying out partners unwilling to stay with the business (like Walter White). The remaining partners do not see capital returns (of course their share on future residual cash flows increases) and bear the risk of the going concern.