Buybacks decrease outstanding shares, and increase earnings per share, which drives up share price. But its not a great way to increase EPS, as opposed to increasing EPS via operational means.

If you know EPS is a terrible price inflation tactic, why did you automatically assume it's Apple's motive and gripe about it?

If the market price is lower than intrinsic value, then the buyback is a good idea.

Explain then. I don't think he said anything incorrect.

> it's expensive..

It's not expensive, their cash stockpile is simply being invested in their own company.

> ..propping up the share price to keep Wall Street happy

Apple isn't worried about Wall St, they've always made that clear in their earnings calls.