BUYBACKS

Apple has bought back $600 billion of its own stock. That is not financial engineering. It is a statement that we believe in our future more than anyone else does.

When stock prices are high, use shares as currency. When prices are low, buy shares back. It's arithmetic, not genius.

I repurchased 90% of our shares. It was the best investment Teledyne ever made — buying ourselves.

Share buybacks are not a substitute for investing in your business. I learned that at Sears.