Re: Declining iPad sales<p>I think the biggest thing Apple could do here is to change their app store policies to (re-)motivate existing developers and attract new ones. Letting prospective buyers test-drive apps,  upgrade pricing, and better discovery come to mind. I have both a Mini and a Pro with Pencil and I <i>love</i> the hardware. The software is the problem though. Few apps make use of all the possibilities; existing apps will also have to be (re)written and possibly reconceived for the different form factors. It&#x27;s a good sign that Phil Schiller is overseeing the app stores now, hopefully something will change this year.<p>Re: iPhone<p>Here, the obvious thing to do seems to produce a new 5S-sized model. 60 percent of 5S or older install base have not upgraded? Maybe there is a reason… Also, they could always try to go &quot;down-market&quot; and produce a greater variety like with the iPod to take further share from Google. I don&#x27;t see the end of growth in this market, by far.<p>Re: currency effect<p>True, stronger dollar affects revenue or unit sales (where prices have been adapted) <i>relative to previous years</i>. But one could also argue that the years 2009-2014 were special in that the US weakened the dollar through QE, and perhaps Apple (and other US companies) enjoyed &quot;backwinds&quot; then rather than &quot;headwinds&quot; now. It looks whiny to me to say &quot;look ma, 100 then is only 85 now&quot;. As someone said, &quot;if my aunt had balls, she&#x27;d be my uncle&quot;. Macro gives and macro takes.<p>Also, the 214bn cash bandied about should be posed against the debt they took on to pay for the buybacks. So enterprise value not quite as low as suggested but I agree it&#x27;s an undervalued company.