It is always better to return excess profits to the shareholders than to do stupid things. If there's nothing interesting to buy - you don't buy. I know we're deep into an amazing 10 year bull run and it seems like the more crazier things you buy the better you will fare, but things change. There will be buying opportunities in the future.

And when I say buy it also means invest internally in new technology.

And this has nothing to do with company's size.