> On the other hand, remaining invested in a stock that does buybacks during your working years also concentrates your risk in that stock. So people will likely

> On the other hand, remaining invested in a stock that does buybacks during your working years also concentrates your risk in that stock. So people will likely sell anyway and take some capital gains to diversify. This really undercuts your previous argument that only certain classes of shareholders benefit from buybacks. Now you are assuming that everyone falls into one of the classes anyway. So we're back where we started: Buybacks benefit all shareholders equally.