[maaku]

Because without dividends that gain is entirely speculative. Over the next two years it could triple in value, or it could take a nosedive. There's no fundamentals backing up the value of AAPL shares. Yes, Apple is crazy profitable. But ask yourself: what's in it for the investors if they're not sharing that cash?

Regular dividends provide a fundamental baseline in the value of a stock, and market pressures typically force movement of stock price to normalize the dividend yield. It provides stability for stocks no longer driven by growth and speculation.

AAPL has been a massive growth story for the last decade. But as with any growth story, at some point fundamental limits are reached. I'm not saying that has happened now, but when it does (as it did for Microsoft), Apple will be forced to choose between issuing dividends or watching their share price fall (and, worst case scenario, spiral) as growth speculators sell off their portfolios.