The market doesn't care about who is forming the liquidity in a well traded stock. I think the risk you mention would only come into play for the spec side.
The buyback provides buying support and there are a range of willing sellers (long term / short term, retail / instos etc).
Agree there are some great views here, there is technical expertise (some here clearly have decades in this space) and financial acumen. I've greatly enjoyed it (the excursions into politics aside).
WHC Price at posting:
$10.60 Sentiment: Hold Disclosure: Held
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