[jballanc]

I'd be inclined to give more weight to your argument, but you've conveniently left off the part where Apple has used debt to buy back shares primarily because so much of their cash horde is held overseas due to the US's wonderfully archaic tax code...which has just been overhauled. I fully expect 2019 to see Apple re-repatriating large sums in order to pay down that debt.