Michael Burry on Buybacks

In this Silicon Investor post from 1997, Michael Burry warns about companies using buybacks for publicity purposes:

Precisely why I wish to evaluate companies
in the midst of proven buybacks. Small
marginal companies have taken to using
buyback announcements as a publicity
stunt to support their stock. More often
than not, the buybacks do not materialize.

When they do, they end up not retiring
the stock and placing it in the
corporate treasury, which is of marginal
use to shareholders. Everyone should
be aware of this trick, as you point
out.