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  "documentTitle": "Apple Inc. (AAPL)",
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  "authorName": "David Einhorn",
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      "text": "Think for a moment of the cash portion of Apple's market capitalization as non-productive inventory that's accumulating at an increasing rate. Now consider the cost of that 'inventory'.",
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      "text": "opportunity cost: $14",
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      "text": "Tim Cook has been quoted as saying that inventory in his business loses between 1% to 2% of its value every week. Think for a moment of the cash portion of Apple's market capitalization as non-productive inventory that's accumulating at an increasing rate.",
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      "text": "Apple's balance sheet is all equity. This means that both the business and the growing cash pile are entirely supported by high cost-equity capital. Assuming a 10% cost of equity, the opportunity cost of the trapped foreign cash is $9.4 billion per year.",
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      "text": "The opportunity cost of the domestic cash is an additional $4.3 billion. Combined, that is more than $14 per share in EPS. Apple can unlock value by either deploying the cash productively, returning the cash to shareholders, or lowering the cost of its capital.",
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      "text": "You kind of want to manage it like you're in the dairy business. If it gets past its freshness date, you have a problem.",
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      "text": "You kind of want to manage it like you're in the dairy business. If it gets past its freshness date, you have a problem. — Tim Cook, on inventory",
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