You knew this was coming. From an interview with Becky Quick
Buffett told Becky Quick that there are only four things you can do with cash: stocks buybacks, dividends, acquisitions, or "sitting with it."
"I went through the logic of each thing. He told me they would not have the chance to make big acquisitions that would require lots of money… And then I asked him the question, I said .. ‘I would use it for buybacks if I thought my stock was undervalued.’ And I said, ‘How do you feel about that?’ The stock was 200-and-something. He said, ‘I think my stock is very undervalued.’ I said, ‘Well, what better to do with your money?’ And then we talked awhile. And, he didn’t do anything, and of course, he didn’t want to do anything. He just liked having the cash.
And, so I ask you again shareholder. Who owns/owned Apple – you or Steve Jobs?
Whose whimsy dictates what is to be done?
Whose utility function is being maximized?