>Since management both holds lots of options and makes the decision to do buybacks
yep, sounds like a nice reason for otherwise completely stupid action - willfully spending best asset, cash, [thus in particular worsening the company's asset structure] to buy the worst asset - the company's own stock - as the stock once bought back loses all the value to the company.
yep, sounds like a nice reason for otherwise completely stupid action - willfully spending best asset, cash, [thus in particular worsening the company's asset structure] to buy the worst asset - the company's own stock - as the stock once bought back loses all the value to the company.