They can be the same for that investor, and better (for tax purposes) for an investor who doesn't want that cash flow and would prefer to reinvest. The enormou

They can be the same for that investor, and better (for tax purposes) for an investor who doesn't want that cash flow and would prefer to reinvest. The enormous majority of US publicly-traded stock is held by institutions who have the resources to monitor the buybacks and sell off stock, if that's what they wanted. Buybacks aren't a scheme where companies or hedge funds make money off careless retail investors.