The article discusses the debate between stock buybacks and dividends, advocating for buybacks. It refutes the claim that buybacks provide only a one-time benefit, arguing that they permanently increase EPS by reducing share count. Dividends, in contrast, can be cut unexpectedly. Buybacks also align management's interests with shareholders, reflect management's confidence in the company's value, and are more tax-efficient than dividends. The article acknowledges the risk of leverage in buybacks but considers it an optional problem. Las Vegas Sands (NYSE:LVS) is mentioned as a company that uses both dividends and buybacks.