share buyback., page-8

No, that's not what I wrote "in other words."

It is quite possible to have a plan, but it to not deliver sufficient financial return to make it worthwhile to execute at a point in time. The choice then becomes whether to wait - or pay too much for too little return now. Or just return funds to the owners (whether as a distribution or buyback.)

It is easier for a company to waste funds on a bad investment, but which has 'increased the companies' assets' hence justifying a bigger salary, then it is to return the funds. And companies have wasted more funds that way then when they have returned them.