4. For dick-waving rights. Never underestimate this motivation
Related: Steve Jobs has already publicly committed himself to not paying any dividends. It's difficult to go back on something like that even if it does make sense.
It's hard to know what Apple could do with a cash pile of $100B, $200B, $300B, because nobody has ever had a cash pile of $100B, $200B, $300B. As a shareholder I'd rather sit around and find out what they can do with the money rather than collect my $2.50 a share or whatever.
I imagine that once Apple's sales growth slows, shareholders will want buybacks to support the price. That's what happened to Microsoft. What Steve Jobs wants is one thing, what the shareholders can do if they get hungry is another thing entirely.
Comments
4. For dick-waving rights. Never underestimate this motivation
Related: Steve Jobs has already publicly committed himself to not paying any dividends. It's difficult to go back on something like that even if it does make sense.
It's hard to know what Apple could do with a cash pile of $100B, $200B, $300B, because nobody has ever had a cash pile of $100B, $200B, $300B. As a shareholder I'd rather sit around and find out what they can do with the money rather than collect my $2.50 a share or whatever.
I imagine that once Apple's sales growth slows, shareholders will want buybacks to support the price. That's what happened to Microsoft. What Steve Jobs wants is one thing, what the shareholders can do if they get hungry is another thing entirely.