I think you misunderstand me. What I’m saying is that price inelastic demand for the stock through buybacks puts upward pressure on the stock price, no matter t

I think you misunderstand me. What I’m saying is that price inelastic demand for the stock through buybacks puts upward pressure on the stock price, no matter the current price, preventing the normal market process of price discovery from working well. This then is amplified by passive investment. I think that’s what makes buybacks so effective. I’m not saying anything about it making it harder to determine the intrinsic value of a stock, which I think is what you’re talking about.