> Done correctly, it’s a synthetic dividend without the immediate tax burden on the shareholders. Those that want to cash out, can sell a portion of their highe

> Done correctly, it’s a synthetic dividend without the immediate tax burden on the shareholders. Those that want to cash out, can sell a portion of their higher priced shares. If you cash out you're still potentially paying taxes on capital gains. The only way to avoid taxes while still profiting from the increased price of the shares (it seems to me) is to take a loan against your portfolio (possibly deduct that interest) and re-invest the money. Retail Joe six-pack investor probably won't be able to do that; but it seems like the sort of thing a professional money manager might do?