Apple’s “Capital Return Program”: Where Are the Patient Capitalists?

By William Lazonick

“The enormous revenues and profits flowing from Apple’s innovative products, the iPhone in particular, get primary credit for enabling the company to be the first in history to reach a trillion-dollar market capitalization. That financial achievement, attained on August 2, 2018, represented a tenfold increase in stock market value since mid-2007 and a doubling of the level reached in March 2012.”…

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