What we think about Apple
Apple in Three Words: Innovative, Sticky, Deep-Pocketed
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Background
Apple needs no introduction as the beloved creator of iconic and revolutionary consumer electronics from the Macintosh to the iPod and iPhone. Apple's beautiful and functional products seamlessly integrate hardware and software to delight a rapidly growing customer base.
At its core, the Apple thesis centers on the company leveraging its unmatched brand loyalty and massive - and expanding - installed base of over 2 billion active devices. Emerging markets are a particular focus for further installed base growth over the long term. By selling additional products and services to this loyal customer base, Apple can continue growing while generating tremendous cash flow -- about $100 billion in free cash flow annually -- which allows Apple to focus cash on share buybacks and growing dividends over time.
Conviction Update:
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Thoughts on Current Valuation and Capital Allocation
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