Subject: Re: Berkshire and SBC
This article at epsilon theory from a few years ago is a great read:

https://archive.is/20221109195...

In short, over the past decade Apple returned about 90% of free cash flow to investors through stock buybacks and dividends ($600 billion worth) with 10% "sterilizing" SBC, whereas Google and Meta are more or less sterilizing SBC, so nothing being returned to investors.

So don't always believe the talking point about returning money to shareholders through buybacks.

Well, they did, it's just you're not a shareholder.