Health Concerns
Goddard is less concerned about Jobs’s stewardship than about what may happen if the executive, a cancer survivor, departs for health reasons. “The idea that a different management team is in charge of all that liquidity is more scary to me,” he said.
The stock has climbed 44 percent this year, and it has more than tripled since the 2007 introduction of the iPhone. Apple, the third most valuable company based on market value, also had $180 million in unrealized gains from its investment portfolio during the year, up from $57 million a year earlier.
The company has enough cash to pay a large dividend, make a share repurchase or spend tens of billions on a business without having to finance the deal with debt. Apple ranks fifth among companies in the Standard & Poor’s 500 Index with the most cash that don’t pay a dividend, according to Bloomberg data. It also has never made an acquisition larger than $500 million. Analysts and shareholders say the most likely scenario is that Apple will use its hoard to invest in new products and keep cutting small deals aimed at acquiring technology and engineers.
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