I always liked the idea of a special dividend as opposed to stock buybacks.

The problem, in part, is the "millionaires' tax" that punishes corporations that pay managers too much money if not related to performance. Incentive stock options are related to "performance" (even if it isn't). Share buybacks are a way to skirt the tax.

In any event, I look upon share buybacks with a cynical eye. I want dividends even if only special dividends.

Have fun.

John Walter Russell