Business cycles are astrology for people with MBAs. Today might be a good time to be in cash, but do so based on a forward-looking analysis, and appreciate that you and Apple *might* not have the same constraints.https://twitter.com/zackkanter/status/1137769200993181698 …
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Why would you believe there’s some magic expiration date on prosperity, particularly if you believe these things can’t be timed (predicted)? The former idea seems like voodoo, and the latter seems to contradict the former.
The founder’s job is to never let the company run out of money. Holding cash is not “trying to time the market” or “voodoo” - it’s protection against existential downside. If you’re an individual investor w/a long term time horizon and an indexing strategy, macro is irrelevant.
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The companies running massive buybacks and holding cash are not the ones that are founder run. Has Amazon ever been accused of hoarding cash? Can you really convince yourself that Apple holds a quarter trillion in cash for protection against “existential downside”?
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Buybacks are good. Apple doesn’t know what to do with its money.
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