&gt; When you have $200 billion dollars lying around and your business is dramatically undervalued, it would be practically criminal not to buy some of it back, to save on dividend payments if for no other reason.<p>Who&#x27;s to say Apple is undervalued? It&#x27;s one of the most widely held companies and they have been so for several years. Tim Cook doesn&#x27;t know what&#x27;s going to happen in China. Their US sales were down in Q4 2015 and they are forecasting global sales to be down in Q1 2016. They may have been spending billions buying back shares at an all time high.