I would suggest that AAPL is not in business to win at the game of capitalism. AAPL exists to create cool products that AAPL employess are proud of.
Other companies are much better at the game of capitalism. They do not seem to be doing as well as AAPL these days, though. Are they closer to winning?
BTW, the game of capitalism does call for ALL cash reserves to be spent or returned to the stockholder. Because cash sitting in a bank is not being productive. So by suggesting that AAPL keep some of it around, you're already forsaking some of the rules of the game.
Not exactly right. A public company such as AAPL exists to please stock holders, not make "cool products that employees are proud of". While these two things may often go hand-in-hand, don't let it cloud your vision. Apple is a public company first, a "cool product maker" second.
Secondly, the game of capitalism does NOT call for all cash reserves to be spent. There is nothing wrong with being conservative with your cash, but after a certain extent it gets silly. Apple can't possibly spend ALL its $30 billion in cash. Therefore, as IJ Reilly suggested, paying a dividend is a logical choice.
Apple is, technically, owned by its stockholders. While they don't exert a direct control, they do expect a return on their investment. That is what being a public company is all about.