I did not find this argument particularly compelling. His analysis of why stock buybacks are worse than paying dividends seems to miss the fact that the buyback

I did not find this argument particularly compelling. His analysis of why stock buybacks are worse than paying dividends seems to miss the fact that the buyback has an impact on the share price, so more than just the people who had their stock bought back directly by the company will ultimately pay capital gains tax on because of the buyback. If you account for this, the disparity disappears.