"For any company that owns an operating business and excess cash, even if the share price is currently fair, if the operating business is not a great one then a buyback isn't a great idea. It doesn't change the value of a share, but it increases the percentage of that share's value that is allocated to that ho-hum business unit. The capital allocation version of watering your weeds."

True in the abstract. However, for inactive investors in "good" businesses with excess cash (like Apple), buybacks at a reasonable price are still a "good" idea - better for shareholders than spending it on executive comp, private jets, or paying too much to buy the competition. And it creates liquidity for those who want out. But for more active investors, your point is well-taken; if a company can't deploy its excess cash in a reasonable manner over time, I'd rather they just paid dividends.

BTW, WEB seems to agree with both of us. He's not buying much of anything; he's lightened up, holding more cash than usual, and waiting for opportunity. I suspect most of us on this board are doing pretty much the same thing. I sure am.

The good news: No dividends for BRK means WEB still has some ideas about how to use the cash lol. Will be fun to see what he does.

abromber