Excess cash in the companies' coffers is the reason for buy backs. I'd prefer the management of any company either invest the cash to expand existing operations if a healthy ROI ( return on investment ) is available , invest in R&D to develop new organic opportunities, or thoroughly explore " Merger and Acquisitions " possibilities even if it means management will have to go by the wayside. The cash should be put to use to generate a return greater then available by simply investing same.
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