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Warren Buffett's Buffett - Is Warren Really Buying the Stock?
Apple has bought back 71% of their shares in 16 years. Earnings have been flat, which is surprising. But Apple's delivered about 21 and a half percent annual greater return with the reinvested dividends. IBM is actually a business that you actually have to parse a little more carefully. And so one needs to really have a viewpoint on what the business looks like 10 years from now or 20 years from now.