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  "authorName": "David Einhorn",
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      "text": "Value unlocked\n- iPref shareholders get safe income\n- Common shareholders get Apple's future growth\nTax efficient\nLiquid interest rate benchmark\nEasily tradable\nNo balance sheet risk",
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      "text": "While Apple wants to keep its cake, the shareholders get to eat it, too. The iPref program will enable the shareholders to recognize the value in the balance sheet. By splitting the value between income-oriented investors who will want the safe dividend, and common shareholders that wish to participate in the increased value of the enterprise, the market will reward Apple shareholders with a higher blended multiple of earnings. Even so, to be conservative, we have not assumed any expansion of the P/E multiple on the common equity.",
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