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  "documentTitle": "Apple Inc. (AAPL)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
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  "presentationDate": "2013-02-21 00:00:00",
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  "notes": "The slide uses a checklist format to validate three points about Apple's financial position, supported by a pie chart showing cash distribution.",
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      "text": "War chest? More like a war vault. Apple has by far the largest cash pile – $137 billion and growing rapidly.",
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      "text": "Domestic/Foreign Cash as a Percentage of Market Cap",
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      "text": "War chest?\nOverseas cash?\nDiscounted P/E?",
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      "text": "Cash as a percentage of market cap: $137 billion",
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      "text": "So let's look at Apple: War chest? More like a war vault. Apple has by far the largest cash pile – $137 billion and growing rapidly. Its cash represents nearly a third of its market cap. Overseas cash? Most of Apple's cash – $94 billion or 69% – is now offshore and would require paying taxes to be brought onshore. That's in addition to the other $43 billion it's holding domestically. Discounted P/E? Apple trades at an exceedingly low P/E – approximately 10x current earnings and 7x net of the cash. When a third of your market cap is in cash, it means that two thirds of the price is the high-earning operating business, and one third is the under-earning cash balance.",
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      "text": "What About Apple?",
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