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  "documentTitle": "Apple Inc. (AAPL)",
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  "authorName": "David Einhorn",
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  "notes": "The slide uses a 'Myth vs Reality' structure to challenge the conventional wisdom regarding capital allocation and growth.",
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      "text": "Cash Distributors Can Be Great Growth Businesses For Decades",
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      "text": "Silicon Valley Myth: A company that makes more money than it can effectively reinvest isn't a growth company.\nReality:",
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      "text": "Let's debunk a myth about growth companies. Cash hoarders looking to rationalize their hoarding like to postulate, 'If you distribute cash to shareholders, doesn't that signal that you are no longer a growth company because you have no good use for the cash?'",
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      "text": "My first thought is, doesn't letting tens of billions of dollars accumulate on the balance sheet for years on end also reveal an inability to find good use for the cash?",
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      "text": "Some businesses are very capital intensive. For those businesses, growth correlates closely with their ability to invest in fixed assets and working capital to fund expansion. Other businesses are not capital intensive.",
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      "text": "My second thought is that the better the business, the more likely it is to generate more cash than it needs. The excess cash reflects the success of prior investments, which were made in the hopes of generating a lot of profits.",
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