Apple's spending $10B this year in CapEx. Some of that is for datacenters and some of that is for the new headquarters and stores. That's $2B more, or about %2

Apple's spending $10B this year in CapEx. Some of that is for datacenters and some of that is for the new headquarters and stores. That's $2B more, or about %25 more of the total than last year. If you just look at the expenditures on production (Eg: buying the equipment used to make their products) it seems to have grown ~%33 in the past year.) It could easily be the case that Apple spends %10-%20 of its cash each year on these efforts, as it needs to scale its business at double digit rates. Having 10X your annual CapEx spending in the bank doesn't seem exactly irresponsible. Quite the opposite. You seem to be operating without a deep understanding of how the economics of companies and stocks work. Each dollar in cash adds a dollar to the value of the stock, assuming no multiple. So, someone paying an additional dollar for that stock is not overpaying, and thus is not considered a "fool". Companies are valued by people like Buffett on their return on cash, or return on equity, and other such measures. Do the analysis for Apple and see what those figures are and then compare them to other companies like Microsoft, Amazon and Google. I think you'll find Apple is being well managed financially, and the value delivered to investors by these current strategies is quite good, as represented by these standard metrics (that require more research than the average journalist or investor will likely do, but that value and growth investors regularly do.) Thus you invocation of the "greater fool" theory is not supported, and I challenge would be completely undermined if you calculated these metrics.