Hi,
It would have been comparable if Apple would have paid out dividends after their first success with the Macintosh computer.
They may decide at a later stage go further into the retail business which Paul said he is not interested at the moment as it is too capital intensive.
But he did not rule it out for the future. When the low hanging fruits have been picked he may get to invest in a ladder to pick the fruit hanging a bit higher.
K
Valuation estimate, page-94
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