Admittedly, the "management running out of ideas" comment is a...

Admittedly, the "management running out of ideas" comment is a little glib but it's mostly just my personal opinion.

Also, the context in which buybacks occurred in corporate America's history are different to today's. Buybacks were very uncommon in the US until, I think, the 1970s or 1980s because accounting/tax treatment of them changed. Clever management teams did well from these changes and Buffett was one of the biggest advocates for buybacks.

On aggregate, however, management teams time buybacks poorly and there are a few reasons given for this; one being that the company's management is running out of ideas to profitably reinvest FCF. Also, buybacks do not increase the value of the business and only foster a transfer of wealth from one party (the company) to another (its shareholders).