> If the only place a company can find to put extra cash is buying out its own shares then that doesn't sound like a valuable business to me, and in a healthy m

> If the only place a company can find to put extra cash is buying out its own shares then that doesn't sound like a valuable business to me, and in a healthy market I would expect the price to go down, not up. Going down from where to where? If I had a money printing machine that produces one million dollars each day, how is that not a valuable business? (Of course if I knew how to build a second machine for a few billion dollars the business would be even more valuable.)