&gt;&quot;I do find their lack of acquisitions strange given how much capital they are sitting on.&quot;<p>A) They average like 5-8 per year which is pretty standard among their peers: <a href="https:&#x2F;&#x2F;en.wikipedia.org&#x2F;wiki&#x2F;List_of_mergers_and_acquisitions_by_Apple" rel="nofollow">https:&#x2F;&#x2F;en.wikipedia.org&#x2F;wiki&#x2F;List_of_mergers_and_acquisitio...</a><p>B) I said to Steve, “What should he do?” and Steve said to me, “He should focus on his knitting. Not try to do everything. <i></i>Do one thing well.<i></i>”