> doesn't that require the company to have/pay out dividends? If you make money along the way, as opposed to when you sell, then yes. The prevailing corporate

> doesn't that require the company to have/pay out dividends? If you make money along the way, as opposed to when you sell, then yes. The prevailing corporate playbook seems to prefer stock buybacks over dividends, which accomplishes roughly the same thing but only triggers tax liabilities for the stockholders who “cash out” by selling. Obviously there is a limit to this process, but in a frictionless world of perfect financial knowledge a stockholder would always prefer the buyback approach since it defers taxes on the gains as long as possible.