When you have a buy back, you have more buyers in the market, which puts upward pressure on price, which increases the likeliness that someone sells (and then t

When you have a buy back, you have more buyers in the market, which puts upward pressure on price, which increases the likeliness that someone sells (and then the increased selling puts downward pressure on the price). And I would argue that those who hold didn't actually gain any value from it, unless the stock price was lower than it should've been at the time of the buy back.