Share re-purchase actions take money held by the company and transfer it to stockholders. It's a statement by management that "we don't have good ways to invest

Share re-purchase actions take money held by the company and transfer it to stockholders. It's a statement by management that "we don't have good ways to invest this money in building the business further, so we're gonna just return it to shareholders." That in itself is not a negative statement to make. There are market conditions in which a company simply cannot effectively invest $1b productively, or $5b, or $8b. The author of the piece doesn't address this. What is his alternative plan for where to put the money? He says "if the old GM had 'saved' money...." it would have had more to withstand the eventual downturn in 2009. Well where exactly would GM save its money today? In a bank? Investing in someone else's shares? GM has been ramping up production (building factories) in China but that looks like a huge risk given the proven willingness of the Chinese government to seize foreign commercial investments. Should GM be building more factories in the USA? EU? Should it be investing in massive new electric vehicle research? All interesting possibilities. but Mary Barra doesn't have a plan for the money, which is why an activist investor asked for her to give it to the owners of the stock. If she had said - "look, I understand you want the $5b, but it's better for the company long-term if we invest it in developing XXX" - then the shareholders might have sided with management.