Hi Jeremy, thank you, I agree it's difficult to do justice to the topic in a short article. The two issues you highlight are critical, as you say.

In terms of the first issue, we have some good articles on the Savvy Investor site at https://www.savvyinvestor.net/search/all-results?keywords=buybacks - I'd suggest starting with the Research Affiliates article which directly addresses your point on issuance versus buybacks.