Apple-苹果本质已是资产管理公司？巴菲特高位套现，但斌嘴硬不卖，这是一个大佬互道SB的时代！

Investment Rating - The report does not explicitly mention an investment rating for Apple [1] Core Views - Apple is described as a highly profitable machine with a strong financial ecosystem, leveraging both hardware and software synergies [4][79] - The company has evolved into a significant player in the financial asset management space, with a large portfolio of corporate bonds and ABS/MBS assets [46][68] - Apple's financial strategies include cross-border arbitrage, credit arbitrage, and aggressive share buybacks, which have significantly benefited shareholders [16][17][45] Financial Performance - Apple's revenue grew from $182 8 billion in 2014 to$ 383 3 billion in 2023, with a CAGR of 9% [8][98] - Net income increased from $39 5 billion in 2014 to$ 97 billion in 2023, with a CAGR of 10% [8][98] - The company's gross margin improved from 38 5% in 2014 to 44% in 2023 [30][80] Shareholder Returns - Apple has consistently increased its cash dividends, from $11 4 billion in 2015 to$ 15 billion in 2023 [44] - The company has spent $4650 billion on share buybacks from 2018 to 2023, significantly boosting shareholder value [45][93] Financial Strategies - Apple has utilized low-cost debt issuance, with interest rates ranging from 1 4% to 4 3%, to fund its operations and financial activities [34][86] - The company has engaged in cross-border arbitrage by raising funds in low-interest regions like Europe and Japan and investing in higher-yielding US markets [67][89] - Apple's credit arbitrage involves borrowing at low rates and investing in lower-rated corporate bonds, earning a spread [16][17] Asset Management - Apple's financial asset portfolio, including corporate bonds and ABS/MBS, reached$ 992 billion by the end of 2023 [68] - The company's financial activities have reshaped its balance sheet and influenced the broader US monetary and bond markets [94] Berkshire Hathaway's Investment in Apple - Berkshire Hathaway began investing in Apple in 2016, with an initial cost of $36 billion, and by 2022, the investment had generated over$ 900 billion in returns through dividends and share sales [27][28][78] - Despite reducing its stake by half in 2024, Berkshire still holds $84 2 billion worth of Apple shares, reflecting significant unrealized gains [28][78] Industry Context - Apple's financial strategies, including debt issuance and share buybacks, are emblematic of broader trends among large US tech companies, which have increasingly engaged in financial activities to optimize capital structures and shareholder returns [94]