Tell that to companies that have used the ZIRP environment to borrow cheap money to buy back their shares. According to Barclays, companies with the largest buyback programs have outperformed the market by 20% since 2008[1].
Ex ante returns are not the same as ex post returns. Borrowing cheap money to buy an S&P500 ETF would have paid off handsomely since 2008, because the market's gone up. If the market had crashed, you'd be in trouble. Similarly, given the fact that the market as a whole has gone up in period X, it should be no surprise that companies buying their own stock on margin have outperformed the market.
They often have similar effects but no, they are not[1].
This notwithstanding, you stated unequivocally that "share prices are not something you can 'grow'" when it is evident that companies have a number of tools at their disposal that can be used quite effectively to manipulate share price, especially over shorter periods of time and in certain kinds of markets.
Tell that to companies that have used the ZIRP environment to borrow cheap money to buy back their shares. According to Barclays, companies with the largest buyback programs have outperformed the market by 20% since 2008[1].
[1] http://online.wsj.com/articles/companies-stock-buybacks-help...