I take your point but I would prefer ONT invest the money than...

I take your point but I would prefer ONT invest the money than leave it in a bank account (assuming they do so carefully). If I want less exposure to their business I can sell my shares and put money in my own bank account. The reason to have shares in ONT is to get exposure to the company's capital allocation expertise.

If you don't believe they can make good acquisitions then no wonder you are bearish on the company, and fair enough too.

However, I would argue that they can make good acquisitions and have a history of doing so.