Agreed. Almost every company makes the same mistake - they find themselves in super favorable business conditions, generating tons of cash. Shareholders clamoring to buyback shares. Buybacks inevitably commence.
12, 24 months later? The business landscape changes. The share price is half what it was, same with competitors/adjacents. Rather than being able to take advantage, the company spent hundreds of millions, billions, on buybacks at prices 2x above the current price.