When you get into brands and vertical integration, what you spend is not the cost, and what you receive is not the revenue. Perception of value can be more imp

When you get into brands and vertical integration, what you spend is not the cost, and what you receive is not the revenue. Perception of value can be more important than the actual value. Like Trump famously said: > My net worth fluctuates, and it goes up and down with attitudes and feelings, even my own feelings He was right! The numbers on paper (and the convictions in court) don't matter when you ride the feelings into the White House. You can argue that all Apple R&D and marketing are expenses for the App Store, or at least are so intertwined that they can't be separated. People pay a premium for the brand, and (the perception of) quality and safety. That can't be dissected into pieces.