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What Should Apple do with Its $15B in Cash?

Apple has never done a major acquisition and likely will destroy value if it makes the attempt. Apple is very good at making trendy products that are simple and easy to use. It should not change its strategy. A large stock buyback at this time is probably unwise as Apple’s shares are trading at a premium. The reason to hold cash is its rating and to deal with any future downturn. For those that remember Apple was growth stock in the early and mid-80s, followed by a long period poor financial performance and declining market share.