### Comment:
I agree, Unless for some reason they see their own shares as undervalued, which they might. There is a reason Buffet is sitting on cash and not doing share buy backs. It doesn't add any real value.

### REPLY:
No, Buffet BELIEVES it doesn’t add value to BERKSHIRE. If Apple doesn’t see any opportunities to invest cash at a return greater than its cost of capital then distributions to shareholders via dividends or buybacks optimize shareholder value.

### END.