A lot of heat and very little light in this article. Share buybacks are just like dividends—a way of returning capital to stockholders. Whether companies issue $2 trillion in dividends or repurchase $2 trillion in shares makes no difference. It used to matter more to individual shareholders because dividends were taxed more than capital gains, but that tax-differential has diminished. If shareholders can’t get a cash return, corporations will just turn into giant non-profits run by and for the government—which may be the ultimate aim of the anti-buyback crusaders.