2004 2013 EPS Innovation 
Harvard Business Review
OCTOBER 16, 2014
In August 2013, Icahn bought more than $1 billion worth of Apple shares. Here’s an update of some key numbers in that article: In 2004-2013, 454 companies in the S&P 500 Index that were publicly listed over the decade expended $3.4 Apple Economy Innovation' trillion on buybacks (51% of net income) and another $2.3
Harvard Business Review
OCTOBER 20, 2014
But as Apple’s profits multiplied from 2004 through 2011, it was clear that, as you now call it, “ return of capital ” to shareholders was not a pressing priority for Mr. Jobs. I agree and ask you to consider what public shareholders and stock buybacks have to do with innovation at Apple. Social innovation. Employee incentives.
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