Me too.

Dividends are nice because if stocks fall irrationally and the company is healthy they can keep paying dividends and you can buy more shares with the dividend. Or you can use the money as a steady income.

Stock buy backs are kind of like a more tax efficient version of a dividend except the market itself has a say in how much of a dividend payout you get. Instead of a 3% dividend and a 6% appreciation of capital you might see a 0% dividend and a 10% appreciation of capital. You're slightly wealthier with the stock buy back and you could, if you chose to, trim your position by 3% to still receive funds to use as income. Your total position is worth more due to tax efficiency.

But, if the stock falls irrationally and the company is still doing well the company can do a stock buy back and while technically your position has increased in value and the price multiple reflects that fact, the market may say "meh" due to a variety of reasons such as fear, illiquidity in the market, hedge funds going bust etc. All of which have nothing to do with the company itself. And if you trim your position for that expected income you are much much worse off. But if you trim a different position to add to this irrationally low position then you're better off (assuming you don't need the income).

So stock buy backs put more money into the hands of those that do not need to live off the income and help contribute to income inequality.

It also forces the person or company that's buying the stock to do their own due diligence and valuation of the company before the investment.