I'm not convinced buybacks are a great idea.  I remember banks and lifeco's issuing shares in 2008/9 at prices far below what they had been buying back a year or two earlier.  My bigger concern is the impact it has on executive compensation.  As share prices rise, because of the buybacks, the exec's win for basically doing nothing but ride the wave.  Also targets such as EPS become easier to hit, without improving the business.  Fewer shares on the same income equals higher EPS.  If the company has money they don't have a solid plan for, issue a special dividend.  No boost in exec. comp, nor option values so not something a CEO or Chair would be keen to endorse.  But I ask whose interest do they really have at heart?