Apple Inc (AAPL)

[langostino]

tfigs - a clarification

First, I should be clear -- I don't blame Jobs for the mismanagement of Apple's equity investment portfolio or the underperformance of the cash. That is the responsibility of the CFO and the Investments Committee of a Board of Directors. That one lies at the feet of Mr. Anderson.

Second, no, I didn't overlook the "strategic importance" of the private placements in AKAM or ARMHY. however, I don't have a mystical view of its importance after the companies went public to overwhelming demand either. Once AKAM was public, there was absolutely no benefit to AKAM of Apple owning those 4 million shares than anyone else. What WOULD have been of great benefit to them, however, would have been if Apple had cashed out its shares for a cool $1 billion, then turned around and pledged $100 million of it to AKAM in revenues.

Keep in mind that the proceeds of the IPO provided AKAM with less than $1 billion in capital. $100 million in revenues would have been truly valuable to AKAM, and it would have bought Apple an awful lot of services for the future that it now won't have.

THAT is the way Apple could best have helped AKAM. And obviously, that is the same way it could have helped ARMHY too.