Good point. But even buybacks are taking that cash somewhere...it's the market's way of reallocating capital to a place it can be more productive.
It's hard to picture, since that cash is going from one entity (CSCO) to a lot of different entities (the market), but obviously CSCO thinks the market can make better use of that capital than it can.
The only thing that could be worse than what they're doing, in my view, is if they fired all these people and sat on their cash, AAPL-style.
It's hard to picture, since that cash is going from one entity (CSCO) to a lot of different entities (the market), but obviously CSCO thinks the market can make better use of that capital than it can.
The only thing that could be worse than what they're doing, in my view, is if they fired all these people and sat on their cash, AAPL-style.