Buy backs are a good sign that Directors have faith - however,...

Buy backs are a good sign that Directors have faith - however, as a shareholder, I prefer them to use funds either for the business. If there is excess cash, better to return it via a dividend or capital return.

If business gets tough, more than likely more and more people will use telecommunication to get the job done rather than planes - hence I reckon these types of businesses would be more stable, just like accountants make money in boom from corporate activity and corporate recovery work during busts!

Hence, earnings and growth should be maintainable.