Agreed It's also the most accretive way of returning capital to...

Agreed

It's also the most accretive way of returning capital to shareholders if you're not paying a dividend.
It's a 3 way win. It supports the SP initially, it's accretive to eps and eventually, should or when interest rates fall, it's probably a better use of capital compared to returns on cash from interest.

It is quite a cash pile but the Co. obviously still believes a continuing spend on growth is best.

But IMO there must be some point where SH's should be rewarded in ways other than capital growth on their equity holdings alone. Which is fraught in many ways as it relies primarily on the crazy schizophrenic sentiments of Markets.

Disc NOT Held.