So, if that is the case, why doesn't Apple use that cash hoard to buy back its own stock? Apple says it wants the cash for a rainy day. You need a Noah's ark kind of rain to put that money to work. Sure, it would have been terrific if Apple had bought stock a long time ago, but it didn't. Frankly, I don't care. It doesn't need to augment pure earnings by changing the divisor. That's just financial engineering
the discount is so palpable that you must act. This is still tech. Someone could still come up with a better mousetrap in the foreseeable future, so maybe it won't be as cheap in, say, 2015 as it is now.
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So how about a dividend? I would love one. Love it. But let's be real-world here. Why the heck are we being critical of Apple about the dividend, given the reward it has given you? Yes, we want that cash back, but I for one am not going to hold Apple's feet to the fire on this one.
My conclusion: you want Berkshire to go higher? Give us a dividend. You want Apple to go higher? Just keep doing exactly what you are doing. It's working. Enough said.