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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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”?
Buybacks are good. Apple doesn’t know what to do with its money.
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Fair enough; but buybacks tend to be a corollary of not knowing what to do with your money
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Buybacks are just a tax-advantageous way of returning capital to shareholders.
End of conversation
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