[pas]

is that really true?

or is it because a large portion of the global revenue is "parked" outside the US for tax reasons?

or due to stock buyback there are not much "funds" at all?

[dsparkman]

Yeah, most of these companies park their cash outside the US to avoid having to pay taxes, then borrow money in the US against their assets/stock. It worked great when interest rates were essentially zero. Not so much now.