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Old Feb 12, 2013, 09:29 AM   #1
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Tim Cook at Goldman Sachs Conference: Retail Philosophy, Acquisitions, and the Apple Ecosystem




Apple CEO Tim Cook is now speaking at the Goldman Sachs Technology and Internet Conference, participating in a Q&A session with analyst Bill Shope. Apple is streaming live audio of the session on its investor site, and we'll be sharing some of the highlights here in this post.

Question about Apple's cash usage strategy...do you have a Depression-era mentality?

What a way to start! We're making significant investments in a number of areas: supply chain, retail stores, corporate acquisitions, etc. Now, we do have a significant amount of cash, and we're fortunate to have that. We're returning some of it to investors and will continue to have discussions on that.

Thoughts on Greenlight's proposal about unlocking more capital for shareholders?

We welcome input from our shareholders and are discussing a broad array of options.

How about Greenlight's lawsuit regarding your proxy statement?

There are some misconceptions over what this is about. It's not about turning money back to shareholders. It's about corporate governance. So we've decided to eliminate the ability to issue "blank check" shares ourselves. We could still do it, but would have to go to shareholders for approval. So frankly, this seems bizarre to me that we're being sued over something that's good for shareholders.

We wish people involved in this lawsuit would take this money and donate it to a good cause. This is a waste of money for all involved...a silly sideshow. But you're not going to see us sending out a mailing or campaigning for our proposal. It's the right thing to do, and I'm going to vote for it. You're not going to see a "Yes on 2" sign in my front yard.

Question on acquisitions...most of them are small. Is there something in your culture against large acquisitions?

We do a fair number of acquisitions...one every other month. Most of them are for talented people working on smaller projects that we absorb and then move them to our own projects. PA Semi is an example...talented chip folks working on PowerPC and we moved them to iOS device work. We'll do more deals like this.

As for large companies, we have and will continue to look at them. But so far they haven't passed smell test for us. We could do it, but we're disciplined. Not interested in just growing revenue, but if there was a large acquisition that fit our needs, we would do it.


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Old Feb 12, 2013, 09:32 AM   #2
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Old Feb 12, 2013, 09:33 AM   #3
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Tim keeps saying "We are constantly looking". Well make up your friggin mind man. Stop looking and start doing.
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Old Feb 12, 2013, 09:33 AM   #4
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Poor Tim, he is gonna have a hard time trying to convince all these bureaucrats that he is not like them but a unique and charismatic innovative genius...
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Old Feb 12, 2013, 09:36 AM   #5
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People seem to forget that Goldman Sachs was a cornerstone in loan availability for the past hundred years, but they got caught up in some bad loan deals.

Seriously they're not "evil", they just had to answer to a board that wanted more profits - and the only way to make real interest was in the subprime market.

Anyway, I'm interested in what Tim says today, and I hope that it will be investor friendly. I've never seen wall street react like it did to Apple, and Tim needs to stop this downward spiral.
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Old Feb 12, 2013, 09:36 AM   #6
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Has he announced the iPad 5 yet?
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Old Feb 12, 2013, 09:37 AM   #7
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We wish people involved in this lawsuit would take this money and donate it to a good cause. This is a waste of money for all involved.
QFT. I wish the legal system could be reformed to stop this type of lawsuit...it's nonsense.
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Old Feb 12, 2013, 09:39 AM   #8
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Love it. Tim Cook telling Wallstreet to take a hike. Apple will do what Apple does best, making products!
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Old Feb 12, 2013, 09:41 AM   #9
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Did Steve ever speak at Goldman Sachs tech conference ? can't recall.
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Old Feb 12, 2013, 09:41 AM   #10
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Once again confirms Ive is working on software!

Last edited by ECUpirate44; Feb 12, 2013 at 09:46 AM.
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Old Feb 12, 2013, 09:41 AM   #11
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Originally Posted by spyguy10709 View Post
People seem to forget that Goldman Sachs was a cornerstone in loan availability for the past hundred years, but they got caught up in some bad loan deals.

Seriously they're not "evil", they just had to answer to a board that wanted more profits - and the only way to make real interest was in the subprime market.

Anyway, I'm interested in what Tim says today, and I hope that it will be investor friendly. I've never seen wall street react like it did to Apple, and Tim needs to stop this downward spiral.
Whomever has the cash has the power. No one put a gun to Goldman to push subprime, their greed did that. Apple is staying smart, keeping their powder dry. If someone like you was in charge of Apple, they would end up like...DELL!
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Old Feb 12, 2013, 09:43 AM   #12
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Has he announced the iPad 5 yet?
Absolutely, it's coming up at 12:00 EST...Stay tuned.
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Old Feb 12, 2013, 09:46 AM   #13
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I can't speak for everyone of course, but in my opinion, Cook is a great CEO. He isn't Jobs, he doesn't have to be. Let Ive handle design, innovate as a company (from the ground up) and let Cook handle what he's great at.
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Old Feb 12, 2013, 09:50 AM   #14
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The only thing that needed saying at a "Goldman Sachs Technology Conference" is why the hell are we here.

Im not sure about most things in life but I would not allow GS to come anywhere near my company.

You can bet, with an almost 100% accuracy, that Goldman Sachs employs at least 1 person tasked with separating Apple from its cash reserves.

They do this all the time and try to put themselves between a company and its acquisitions. They usually play both sides of the game and are usually the ones to profits from such moves.

In the real world, if the local criminal gang invited all the neighbours around so they could put a value on them as potential targets for criminal activities you would be a fool to go.
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Old Feb 12, 2013, 09:51 AM   #15
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Tim might as well should have said they are building Retina Displays.
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Old Feb 12, 2013, 09:53 AM   #16
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Quote:
Originally Posted by ECUpirate44 View Post
Once again confirms Ive is working on software!
He def putting out to all the negative murmurs around iOS. cool
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Old Feb 12, 2013, 10:00 AM   #17
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"And one more thing. Here's all the details about the forthcoming new Mac Pro so businesses can plan ahead for the year".

Yeah right...
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Old Feb 12, 2013, 10:08 AM   #18
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Quote:
Originally Posted by Tim Cook
Question about Apple's design choices..focusing on iPhone 5 screen size and how Apple's knows it's right for users.

TC: First of all, I'm not going to talk about what we might do in the future.
Translation:
iPhone with a larger screen and half HD (1280x720) or full HD (1920x1080) resolution in 2013/2014.
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Old Feb 12, 2013, 10:10 AM   #19
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Cook's being asked the same questions he answered during last month's earnings call, nothing to see here, move along.
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Old Feb 12, 2013, 10:10 AM   #20
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Originally Posted by Peace View Post
Tim keeps saying "We are constantly looking". Well make up your friggin mind man. Stop looking and start doing.
Would it be better if they were openly doing and not looking anymore? I don't think he means they aren't doing anything. Give them time.

Quote:
Originally Posted by ECUpirate44 View Post
Once again confirms Ive is working on software!
Did it need to be confirmed? It wasn't a rumor. There was an official statement from Apple that he was taking over software design.
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Old Feb 12, 2013, 10:11 AM   #21
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I'm not sure what people are doing with these other tablets. We want people to use our products, not just buy them.
Great quote!
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Old Feb 12, 2013, 10:13 AM   #22
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Originally Posted by spyguy10709 View Post
People seem to forget that Goldman Sachs was a cornerstone in loan availability for the past hundred years, but they got caught up in some bad loan deals.

Seriously they're not "evil", they just had to answer to a board that wanted more profits - and the only way to make real interest was in the subprime market.

Anyway, I'm interested in what Tim says today, and I hope that it will be investor friendly. I've never seen wall street react like it did to Apple, and Tim needs to stop this downward spiral.
Well, making more than risky investments and then count on bribed politicians to bail them out with tax payer money means their either "evil" or incredibly stupid and incompetent.

I doubt that people with that education are incredibly stupid and incompetent.
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Old Feb 12, 2013, 10:18 AM   #23
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My favorite quote from the article so far:

Quote:
If a company ever begins to use cannibalization as a major factor in their decision-making, it's the beginning of the end. Because if they don't, someone else will.
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Old Feb 12, 2013, 10:18 AM   #24
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Tried listening many times.. audio stops 3 to 4 seconds after beginning.
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Old Feb 12, 2013, 10:19 AM   #25
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Quote:
Originally Posted by spyguy10709 View Post
People seem to forget that Goldman Sachs was a cornerstone in loan availability for the past hundred years, but they got caught up in some bad loan deals.

Seriously they're not "evil", they just had to answer to a board that wanted more profits - and the only way to make real interest was in the subprime market.

Anyway, I'm interested in what Tim says today, and I hope that it will be investor friendly. I've never seen wall street react like it did to Apple, and Tim needs to stop this downward spiral.
Sorry, I don't think the old "but they were just making money for shareholders" argument is gonna fly considering the financial catastrophe of 2008. Everyone who had a finger in the subprime pie knew what they were doing was extremely risky, and when it all fell apart, their buddies in Washington were quick with the cash. Sure, they may have paid it back, but that doesn't excuse the systemic failure of the financial system and its regulatory structure (I heard the running joke on The Hill is that the Treasury Dept is just another branch of Goldman).

I doubt those people even think they did anything wrong...
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