Dear Jakub Kolodziej,

I see your question about why the author differentiated between shares buybacks and dividends. Here is my opinion:
I also have learnt that buybacks and dividends are the same. But when i read carefully, i find that the indifference they have mentioned is just the wealth of a shareholder at that year. When you receive dividends from the company, your money can't earn profit itself, not like the case the company remains your money and make profit from this (ROE).
Example: in 2002, no matter how you choose buybacks or dividends, your wealth is the same. But from 2000 to 2005, there is the difference on your wealth when you choose buybacks or dividends.
Maybe my explanation isn't clearly enough. I hope i will receive some complements about this subject!

Best regard,