The reality is that existing shareholders are "buying in" the company via share repurchases.
The recent $65MM authorization might plausibly retire 10MM shares.
There's a rather significant divergence going on between the current share price, the fundamentals underlying the company and the visibility thereof, and the presumably declining share count which would be increasing book value per share. A now cheaper share owns a greater claim on the company than before.
I'm happy to have my percentage ownership of the company going up while I indulge my proclivity for omphaloskepsis.
. ---- To the regular gang: Come clean chaps - How many of you looked up omphaloskepsis ?
Not me. However:
omphaloskepsis: 1925, from omphalo-, from omphalos "navel" (see navel) + -skepsis, from skeptesthai "to reflect, look, view" (see scope (1)). Also omphaloscopy (1931), and used in the sense of "navel-gazer" were omphalopsychic (1892), omphalopsychite (1882).