Apple Has Bought Back over a Quarter of Its Shares in Five Years

> US equities has nothing to do with rising corporate valuations and everything to do with a corporate balance sheet parlor trick enabled by plentiful and cheap credit.

Apple is not taking debt to do buybacks. They as just returning their excess cash to their owners because they don't know what to do with it. It's alternative to paying dividend. Apple is doing buybacks because they are making so much money.

Buffet and Munger were asked about Apple buybacks in 2018 Berkshire annual shareholder meeting. They approved them, but then said the following:

Buffet: That does not mean we approve of every buyback.

Munger: Some people just buy to keep the stock up, and that, of course, is insane and immoral. Apart from that, it’s fine.