Apple's Record Stock Buyback in 1Q16, Apple Building Secret AR/VR Team

Today's Above Avalon stories: 

  • Apple's Record Stock Buyback in 1Q16
  • Apple Building Secret AR/VR Team

We begin today's email by examining Apple's share buyback activity in 1Q16. Upon closer examination, management did not repurchase any shares during December. While some have taken this fact and concluded management may have slowed down buyback due to weaker iPhone sales, there are a few reasons why I'm skeptical of that line of thinking. We discuss how management is buying back shares like there is no tomorrow. We then shift over to the FT's report on Apple building an AR/VR team numbering in the hundreds. How should we think about this development? What would be Apple's goals by assembling such a team? We focus on these questions and how AR/VR would fit within Apple's big picture. 

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