Hi, am reading the Motley Fool guide to valuations. It says that share buybacks are good because they increase the EPS by reducing the shares outstanding. It also says that mkt cap is price x shares outstanding. But does that mean with share buybacks the market cap reduces / does mkt cap exclude value of stocks owned by the company? Surely that can't make sense as you can have a $50bn mkt cap company where the company owns 20% of it? Or not?