> Recognize that Apple will not be the "innovator" that it was in the past. (Apple will still innovate, but not home runs every time.)

I don't know where Apple gets this reputation, but they have hardly hit home runs every time. I mean, does no one remember the Newton? Final Cut X? The original Apple TV? The trash can PowerMac? Does anyone think the Touch Bar is a home run?

Which is good, because innovation necessarily means not hitting home runs every time, and Apple knows that. That's why they hoard so much cash, so they can afford to miss sometimes.

I question whether you understand Apple's core business. They can't vertically integrate like old school conglomerates because they don't have anything to integrate. They own very few assets apart from their IP. Intel and Samsung own factories; Apple does not. The East India Company owned land and ships; Apple does not. Amazon owns warehouses and many $billions of inventory... Apple does not.

From an IP perspective they are already vertically integrated, from chip design to UI to services to retail. But then you ding them for that...