Considerations about rebase

stupid question, why buyback if price is lower than treasury?

i will explain:
for example i buy a bond in wonderland, so i’m creating with other people an enormous treasury diversified that can catch giant opportunities in defi environment. If the marketcap is lower than that treasury i would think that if the token is a share of that treasury it is in discount and nothing change until the market price find it’s new equilibrium based on the work of the treasury.
If wonderland make buybacks the treasury become less diversified and more risky, so liquidation cascades and arbitrages become stronger than the fact that 1 billion treasury diversified is, i think, something stronger than short term speculation. So i think buyback adds risk to the treasury

so i would propose a simple model:
continue wonderland as before, evitating buybacks during negative rebases and decide profit goals, then what exceeds could be given back as dividends

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