It's the classic question: Do you want to make money through the company, then dividends are unavoidable. Or do you want to make money through the other market participants - then buybacks can increase the amount that other people have to pay for your share. Let's say the company buys back 10% of the shares that are out there then I am willing to say that they contribute about 10% of the value that another person has to pay you for it.

In the name of tax avoidance we have now created a range of companies that do not pay dividends, which has always been the way. But what is a alphabet share? What does it do? What is its relation to the company? What is the value of it if not the sum of future dividends, their growth in relation to inflation and discounted the further away they are in time?

For me a share is a machine that I have to pay for that then pays me money every year. I pay €10, and then get 1 + 1.1 + 1.2 + 1.3 etc. From this value I create a value I am willing to pay for this share.

What are you willing to pay for a Amazon share if not that? What is the value of it? What do you get from Amazon that makes you want to buy this share?