In a previous article I discussed the positive and negative sides of stock buybacks. In general, I am interested in dividends paid to me in cash, rather than the potential for a capital gain that share buybacks might deliver. The issue with buybacks is that managements quite often have terrible timing with execution of programs. For example, when times are good and companies are flush with cash, managements start repurchasing stock at high prices. However, when times are bad, managements conserve cash and not only fail to take advantage of repurchasing stock at depressed values, but might even issue more stock to bolster liquidity.