Stock buybacks are touted as a tax efficient means of providing returns to shareholders as capital gains. The other option being a dividend. If you don't think

Stock buybacks are touted as a tax efficient means of providing returns to shareholders as capital gains. The other option being a dividend. If you don't think dividends are evil then you shouldn't have too much problem with buybacks. The argument against buybacks are that they aren't very efficient -- CFOs tend to buy back when the stock price is high, and that it rewards people for not holding shares.