Your assumption that the pie size stays constant is not true. Companies throughout history have grown strongly, including many after stock buybacks. Each shareholder who holds has more leverage per each share as the revenue continues to grow. I like being one of those shareholders.
Being old and of ill mind is often evidenced by repeating the same thing over and over - as evidenced by your posts regarding buybacks.
But if you really believe it, sell! You don't sound very convincing when you just hang on and hang on repeating yourself, but just keep on hanging on. TAKE SOME ACTION MAN! Get it together and DO SOMETHING!
Bubba - the effect from a buyback and a reverse split can be very different, depending on the investor. If I do not sell my shares during a buyback, they become an even bigger part of the remaining pool of fewer shares. Therefor my shares each command a more significant share of the earnings when valued. With significant enough buybacks, the share price may not go down even when earnings go down. And they certainly should increase significantly when revenues increase. Leverage is significantly better with buybacks.