On the one hand, buybacks do allow a company in decline to paper over their failings. The post discusses that kind of thing. On the other hand, a private compa

On the one hand, buybacks do allow a company in decline to paper over their failings. The post discusses that kind of thing. On the other hand, a private company provides more actual value to the public than a public company. Public companies suffer from investor capture and face enormous pressure to think short term. So they 'enshittify' (to use the author's word). So, in theory, buying back shares is a step in the right direction. Those two aspects have been banging around my head for some time, and I'm still unsure how to reconcile them.