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I scanned the piece. I'm not sure this is the right piece. - It doesn't mention buybacks at all - It doesn't mention Total Return CAPE - It's a comparison of two stocks, one doing dividends, one not. What we're talking about here is two stocks, one doing dividends, one buybacks.
Look at section 4.1, "Construction of the Cyclically Adjusted Price-Earnings Ratio". They don't mention buybacks, but corporate payout policy more broadly. Note how they scale earnings by a total-return adjusted price.pic.twitter.com/rx0N85lIQD
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