You've missed the point of my questions. The GP here thinks they're giving away their monopoly status by doing buybacks. I think there's zero point to having a

You've missed the point of my questions. The GP here thinks they're giving away their monopoly status by doing buybacks. I think there's zero point to having a monopoly if you don't distribute the profits. If you have some argument that dividends are better than buybacks I don't care.