Part 4/14:
Rather than investing heavily in groundbreaking research, Apple began rewarding shareholders through massive buybacks and dividends, reallocating cash that could have funded new inventions into boosting stock prices. From 2012 to 2015 alone, Apple spent over $80 billion on share repurchases—more than what many competitors invested in R&D. These financial tactics became central to maintaining the company's high valuation, with Warren Buffett's investment further cementing Apple's image as a stable, predictable asset.