a share buy back, page-23

To illustrate my point in a very simplistic manner...

You own the only 2 shares in a 'company' that owns a pair of Nike runners valued at $100, and $100 cash. Total value of the company is therefore $200, and each of your 2 shares are thus valued at $100.

The company buys from you 1 share for $100.

You now own the sole share of a company whose only value is the pair of Nike runners, valued at $100.

Therefore the value of your one share remains $100.