Share buybacks versus Dividends... There is good data showing that initially when a company announces a share buyback program, there is a price appreciation, however, that does not appear to be lasting. It is very dependent upon what has been done by the company previously in regards to share buybacks. Buybacks are an open ended commitment to repurchase shares, and the company is not obligated to purchase any shares, if it so chooses. If fact, it would seem the majority of companies do not follow through and complete the share buybacks... Dividends are another story, and perhaps, at least to me more tangible, and thus, more likely to provide a longer lasting potential for valuation increase. This makes sense as we all know about situations where the dividends were cut, and share prices fell insync with the announcement, which implies then that the dividend in the first place was partially responsible for the increase in valuation... Again, we talk in theories here, but as I believe share buybacks have the problems Ive just mentioned, Ill place my bets on dividends when the time is right. Its tangible, and can be predictable to a degree, and that is what investors want in my opinion...Nice to see the 34s, must be getting close to news.