I would love to hear why you think a buyback would be stupid.
1) The balance sheet is grossly overcapitalized. Do you disagree? If you don't, then the only way to fix that is through a buyback, dividend, or acquisition.
2) You think the stock is undervalued, since you bought it. Why, if undervalued, would you think it's stupid for the company to buyback stock at this level, given the overcapitalization?