RE:Nuttal ! This is 100% clear now that Nuttal is a trader not investor, but there are 2 unfortunate factors that he is still influencing the SP of small caps companies including BTE. 1- when the SP is as low as BTE ($6) with a few $million he can load or un load enough shares to bump or dump the SP. 2- there are still people that invest according to his words ( top picks...).
Ideas are different, BTE management decides what to do, but if I were the decision maker I would stop completely buyback and allocate 70% to reduce debt and 30% dividend of FCF up to debt level reaches $1.2B and then 50% of FCF to dividend and 50% to debt and slowly 75% dividend and 25% to debt when debt reaches below $1B. Example is CJ, the shareholders are pocketing 10% annually and still the SP is higher than BTE significantly. Investment strategy has changed in recent years, investors want quicker return, it is unfortunate, but true.