[jorvi]

Because they need another golden geese. The iPhone alone accounts for 70%+ of their earnings, and the smartphone market is pretty much saturated and almost completely matured. What do you think investors will start to do once iPhone sales start slumping, and Apple has no 'next big thing' lined up for a growing market?

[srtjstjsj]

I still can't buy an iPhone 3 quality phone (+ camera!) for $200. Until I can, the smartphone market isn't saturated and Apple will keep printing money on new iterations of their devices, which tend to phy sically break down in <4 years.

[valuearb]

Who cares what investors will do?

I guarantee if iPhone sales plateau every shareholder who dumps their share will be replaced by a new shareholder. Value investors love nothing more than predictable cash generating businesses with low capital requirements.

No tree can grow to heaven and the growth potential for the most profitable business on earth is equally limited. There are investors for zero profit growth "stories" and investors for proven businesses with tremendous moats.

[pg314]

Warren Buffet seems to agree: Berkshire Hathaway built a $18B position in Apple recently. And I'm pretty sure that he would love nothing more than for Apple's stock price to go down in the short run, so that buybacks increase his percentage of the company even more.