Greenlight Company Presentation
Our View of Apple's Capital Structure Priorities
o Maintain complete flexibility to pursue innovation
o Execute a disciplined acquisition strategy
o Set aside cash for more than 40 days of rain
o Remain debt-free
o Delay repatriating cash until the tax laws change
Greenlight Capital, Inc.
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So let's consider Apple's priorities:
Apple wants to be able to continue to innovate and pursue its business strategy without having to rely
on Wall Street. It wants the flexibility to pursue acquisitions both large and small. Under no
circumstance does Apple want to put itself in jeopardy. The clearest way to do that is to remain
cash-rich and debt-free. And that is just what Apple has done.
And though Apple might not have considered it possible, we have a solution for unlocking value for
shareholders that allows it to have its cake and eat it too.
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