Subject: Re: Apple Capital Returns
This is likely the most important reason for Warren’s purchase. The business has deep moat in the brand but it passed Buffett’s “Watch-what-the-manager-does-with-excess” test. The combination is a lallapalooza. Buffett’s recent buys including OXY follow this theme. Most managements don’t follow this. Somewhat good that there’re not that many. Greg, hopefully finds his own such.