Absolutely agree with this too. Buybacks make sense whilst there...

Absolutely agree with this too. Buybacks make sense whilst there is still future growth on the horizon, since the shares being bought back are undervalued (if growth is ultimately achieved).

I would have no issue with them continuing to re invest yearly profits in a buyback if growth targets for the previous year are achieved and further growth is projected. The existing balance of cash is used for investments in infrastructure/acquisitions that maximise growth. Do this on a year by year basis until growth prospects are truly exhausted i.e. growth is consistently low. At that point there will be higher yearly profits and fewer shares outstanding, so it becomes an automatic dividend machine.