Sometimes it's about timelines, not sheer ROI. Apple is in a position to make long term R&D bets because they don't face the same board pressure that many other

Sometimes it's about timelines, not sheer ROI. Apple is in a position to make long term R&D bets because they don't face the same board pressure that many other companies do. Also, it's not only R&D. Long term capital outlays like building new factories are also something that buybacks compete against, and some companies like Telsa do the opposite: Raise more from the capital markets and invest in long term spending in both R&D and capital outlays. Looking at the system as a whole, though, board pressure aside, we should want companies like Tesla raising cash for longterm spending while other companies issue share buybacks or dividends.