Ann: Macquarie Group 1H24 Presentation, page-43

Correct. I don't think most of these companies do buybacks because it is the optimal deployment of capital though it is customary to dress it up as such. It is a transfer of wealth from the entire shareholder class to a very small percentage of shareholders- the executives who richly remunerate themselves with performance incentives in the form of shares since a very healthy base income is apparently insufficient motivation to provide optimal performance for the average executive.The effect of annual share bonuses to management is very small as a one off event but does become somewhat incrementally significant over time and necessitates buybacks so that the value of the free executive (and other shareholders') shares is maintained by using the company profits (that is profits which should accrue to all shareholders) to buy and cancel company shares and keep the number of outstanding shares relatively constant.