aylien_text_api 0.0.1
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- checksums.yaml +7 -0
- data/.gitignore +3 -0
- data/Gemfile +3 -0
- data/Gemfile.lock +28 -0
- data/LICENSE +13 -0
- data/README.md +67 -0
- data/Rakefile +8 -0
- data/aylien_text_api.gemspec +24 -0
- data/config/app_config.yml.example +7 -0
- data/lib/aylien_text_api.rb +23 -0
- data/lib/aylien_text_api/client.rb +246 -0
- data/lib/aylien_text_api/configuration.rb +57 -0
- data/lib/aylien_text_api/connection.rb +71 -0
- data/lib/aylien_text_api/error.rb +110 -0
- data/lib/aylien_text_api/version.rb +17 -0
- data/spec/fixtures/aylien_text_api/client/classify_with_invalid_client.yml +36 -0
- data/spec/fixtures/aylien_text_api/client/classify_with_invalid_params.yml +40 -0
- data/spec/fixtures/aylien_text_api/client/classify_with_text.yml +48 -0
- data/spec/fixtures/aylien_text_api/client/classify_with_unauthenticated_client.yml +40 -0
- data/spec/fixtures/aylien_text_api/client/classify_with_valid_url.yml +98 -0
- data/spec/fixtures/aylien_text_api/client/classify_with_value_as_text.yml +48 -0
- data/spec/fixtures/aylien_text_api/client/classify_with_value_as_valid_url.yml +98 -0
- data/spec/fixtures/aylien_text_api/client/concepts_with_invalid_client.yml +36 -0
- data/spec/fixtures/aylien_text_api/client/concepts_with_invalid_params.yml +40 -0
- data/spec/fixtures/aylien_text_api/client/concepts_with_text.yml +44 -0
- data/spec/fixtures/aylien_text_api/client/concepts_with_unauthenticated_client.yml +40 -0
- data/spec/fixtures/aylien_text_api/client/concepts_with_valid_url.yml +63 -0
- data/spec/fixtures/aylien_text_api/client/concepts_with_value_as_text.yml +44 -0
- data/spec/fixtures/aylien_text_api/client/concepts_with_value_as_valid_url.yml +63 -0
- data/spec/fixtures/aylien_text_api/client/entities_with_invalid_client.yml +36 -0
- data/spec/fixtures/aylien_text_api/client/entities_with_invalid_params.yml +40 -0
- data/spec/fixtures/aylien_text_api/client/entities_with_text.yml +43 -0
- data/spec/fixtures/aylien_text_api/client/entities_with_unauthenticated_client.yml +40 -0
- data/spec/fixtures/aylien_text_api/client/entities_with_valid_url.yml +302 -0
- data/spec/fixtures/aylien_text_api/client/entities_with_value_as_text.yml +43 -0
- data/spec/fixtures/aylien_text_api/client/entities_with_value_as_valid_url.yml +302 -0
- data/spec/fixtures/aylien_text_api/client/extract_with_invalid_client.yml +36 -0
- data/spec/fixtures/aylien_text_api/client/extract_with_invalid_params.yml +40 -0
- data/spec/fixtures/aylien_text_api/client/extract_with_unauthenticated_client.yml +40 -0
- data/spec/fixtures/aylien_text_api/client/extract_with_valid_url.yml +185 -0
- data/spec/fixtures/aylien_text_api/client/extract_with_value_as_text.yml +40 -0
- data/spec/fixtures/aylien_text_api/client/extract_with_value_as_valid_url.yml +185 -0
- data/spec/fixtures/aylien_text_api/client/hashtags_with_invalid_client.yml +36 -0
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- data/spec/fixtures/aylien_text_api/client/hashtags_with_text.yml +48 -0
- data/spec/fixtures/aylien_text_api/client/hashtags_with_unauthenticated_client.yml +40 -0
- data/spec/fixtures/aylien_text_api/client/hashtags_with_valid_url.yml +58 -0
- data/spec/fixtures/aylien_text_api/client/hashtags_with_value_as_text.yml +48 -0
- data/spec/fixtures/aylien_text_api/client/hashtags_with_value_as_valid_url.yml +58 -0
- data/spec/fixtures/aylien_text_api/client/language_with_invalid_client.yml +36 -0
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- data/spec/fixtures/aylien_text_api/client/language_with_unauthenticated_client.yml +40 -0
- data/spec/fixtures/aylien_text_api/client/language_with_valid_text.yml +41 -0
- data/spec/fixtures/aylien_text_api/client/language_with_valid_url.yml +57 -0
- data/spec/fixtures/aylien_text_api/client/language_with_value_as_text.yml +41 -0
- data/spec/fixtures/aylien_text_api/client/language_with_value_as_valid_url.yml +57 -0
- data/spec/fixtures/aylien_text_api/client/related_with_invalid_client.yml +36 -0
- data/spec/fixtures/aylien_text_api/client/related_with_invalid_params.yml +40 -0
- data/spec/fixtures/aylien_text_api/client/related_with_phrase.yml +60 -0
- data/spec/fixtures/aylien_text_api/client/related_with_unauthenticated_client.yml +40 -0
- data/spec/fixtures/aylien_text_api/client/related_with_value_as_phrase.yml +60 -0
- data/spec/fixtures/aylien_text_api/client/related_with_value_as_valid_url.yml +40 -0
- data/spec/fixtures/aylien_text_api/client/sentiment_with_invalid_client.yml +36 -0
- data/spec/fixtures/aylien_text_api/client/sentiment_with_invalid_params.yml +40 -0
- data/spec/fixtures/aylien_text_api/client/sentiment_with_text.yml +53 -0
- data/spec/fixtures/aylien_text_api/client/sentiment_with_unauthenticated_client.yml +40 -0
- data/spec/fixtures/aylien_text_api/client/sentiment_with_valid_url.yml +57 -0
- data/spec/fixtures/aylien_text_api/client/sentiment_with_value_as_text.yml +53 -0
- data/spec/fixtures/aylien_text_api/client/sentiment_with_value_as_valid_url.yml +57 -0
- data/spec/fixtures/aylien_text_api/client/summarize_with_invalid_client.yml +36 -0
- data/spec/fixtures/aylien_text_api/client/summarize_with_invalid_params.yml +41 -0
- data/spec/fixtures/aylien_text_api/client/summarize_with_title_and_text.yml +78 -0
- data/spec/fixtures/aylien_text_api/client/summarize_with_unauthenticated_client.yml +40 -0
- data/spec/fixtures/aylien_text_api/client/summarize_with_valid_url.yml +65 -0
- data/spec/fixtures/aylien_text_api/client/summarize_with_value_as_text_and_title.yml +78 -0
- data/spec/fixtures/aylien_text_api/client/summarize_with_value_as_text_and_without_title.yml +41 -0
- data/spec/fixtures/aylien_text_api/client/summarize_with_value_as_valid_url.yml +65 -0
- data/spec/lib/aylien_text_api/classify.rb +86 -0
- data/spec/lib/aylien_text_api/client_spec.rb +23 -0
- data/spec/lib/aylien_text_api/concepts.rb +81 -0
- data/spec/lib/aylien_text_api/entities.rb +81 -0
- data/spec/lib/aylien_text_api/extract.rb +81 -0
- data/spec/lib/aylien_text_api/hashtags.rb +87 -0
- data/spec/lib/aylien_text_api/language.rb +79 -0
- data/spec/lib/aylien_text_api/related.rb +80 -0
- data/spec/lib/aylien_text_api/sentiment.rb +91 -0
- data/spec/lib/aylien_text_api/summarize.rb +95 -0
- data/spec/spec_helper.rb +16 -0
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string: ! '{"text":"Carl Icahn Open Letter To Apple\nHe announced on Twitter
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that he bought another $500 million worth of Apple stock, bringing his total
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to $3.6 billion.\n\nHe also wrote an open letter to Apple shareholders explaining
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why he thinks Apple needs to ramp up its share buybacks. He believes a share
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buyback would easily goose the company''s share price.\n\nOver the course
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of my long career as an investor and as Chairman of Icahn Enterprises, our
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best performing investments result from opportunities that we like to call
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\"no brainers.\" Recent examples of such \u201cno brainers\u201d have been
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our investments in Netflix, Hain Celestial, Chesapeake, Forest Labs and Herbalife,
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just to name a few. In our opinion, a great example of a \u201cno brainer\u201d
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in today\u2019s market is Apple. The S&P 500\u2019s price to earnings multiple
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is 71% higher than Apple\u2019s, and if Apple were simply valued at the same
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multiple, its share price would be $840, which is 52% higher than its current
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price.1 This is a dramatic valuation disconnect that simply makes no sense
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to us, and it seems that the company agrees with us on this point. Tim Cook
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himself has expressed on more than one occasion that Apple is undervalued,
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and as the company states, it already has in place \u201cthe largest share
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repurchase authorization in history.\u201d We believe, however, that this
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share repurchase authorization can and should be even larger, and effectuating
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that for the benefit of all of the company\u2019s shareholders is the sole
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intention of our proposal. The company has recommended voting against our
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proposal for various reasons. It seems to us that the basis of its argument
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against our proposal is that the company believes, because of the \u201cdynamic
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competitive landscape\u201d and because its \u201crapid pace of innovation
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require[s] unprecedented investment, flexibility and access to resources\u201d,
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it does not currently have enough excess liquidity to increase the size of
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its repurchase program. Assuming this indeed is the basis for the company\u2019s
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argument, we find its position overly conservative (almost to the point of
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being irrational), when we consider that the company had $130 billion of net
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cash as of September 28, 2013 and that consensus earnings are expected to
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be almost $40 billion next year. Given this massive net cash position and
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robust earnings generation, Apple is perhaps the most overcapitalized company
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in corporate history, from our perspective. Regardless of what liquidity it
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may require with respect to \u201cunprecedented investment, flexibility and
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access to resources\u201d for innovation moving forward, we believe the unprecedented
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degree to which the company is currently overcapitalized would overcompensate
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for any such investments (including possible investments in strategic M&A,
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to which the company does not refer). Said another way, we believe that the
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combination of the company\u2019s unprecedentedly enormous net cash balance,
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robust annual earnings, and tremendous borrowing capacity provide more than
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enough excess liquidity to afford both the use of cash for any necessary ongoing
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business-related investments in addition to the cash used for the increased
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share repurchases proposed.\n\nIt is our belief that it is the responsibility
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of the Board, on behalf of the company\u2019s shareholders, to take advantage
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of such a large and unmistakable opportunity. Indeed, we believe that by choosing
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not to increase the size of the repurchase program, the directors are actually
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performing a great disservice to the owners, especially smaller shareholders
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who may not be in a position to buy more stock themselves. Meanwhile, we are
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in a position to continue buying shares in the market at today''s price, so
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perhaps we should thank the Board for not being more aggressive, and thus
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allowing us to accumulate an even larger investment position at a price that
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reflects the aforementioned valuation disconnect. In fact, over the past two
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weeks we purchased $1 billion more in Apple shares, $500 million of which
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we purchased today, bringing our total ownership position in Apple to a current
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value of approximately $3.6 billion.\n\nGiven the degree to which Apple appears
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undervalued to us, we almost feel that it\u2019s a waste of time to debate
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the point. As we believe it to be the preeminent and most innovative consumer
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products company in the world, with the greatest brand, hardware, software,
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and services in the world, Apple has had tremendous growth to date, and we
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fail to see why this growth would not continue moving forward. The industry
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(smartphones and tablets) is expected to grow volume at a 15% compounded annual
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growth rate from 2013 through 2017 according to IDC. We believe Apple should
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continue to benefit from this secular growth, as last year, 85% of Apple\u2019s
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revenues came from smartphones, tablets, and related software, services, and
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accessories. The naysayers question whether Apple will be able to participate
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in this growth without sacrificing pricing and gross margins, especially with
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competition from Google, Samsung, Microsoft, Amazon and Chinese manufacturers.
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Our response to them is that the answer is already evident to us from the
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continuing loyalty of Apple\u2019s growing customer base. The highly successful
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evolutionary (not revolutionary) introductions of the iPhone 5s and 5c and
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Ipad Air and Mini, prove to us that Apple could, for the most part, maintain
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pricing and gross margin as we believe consumers are willing to pay a reasonable
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premium for the world\u2019s best smartphones and tablets. The rumored future
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introduction of product line extensions with larger screens for both the iPhone
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and iPad would further support this view.2 In fact, a recent study from NDC
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shows that the iPhone accounted for 42% of smartphone users in the United
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States at the end of 2013, up a staggering 20% from the prior year. Despite
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its great scale and narrow focus, Apple has an operating margin of just 28.5%.
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We believe its customers\u2019 willingness to pay a premium price for the
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world\u2019s greatest products should enable Apple to participate in the expected
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volume growth of these categories while at the same time largely maintaining
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its average selling prices and gross margins. And, as software and services
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improve and become even more important to consumers in the future, we expect
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customer loyalty to strengthen further.\n\nEven if the story ended with Apple\u2019s
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existing product and software lines, we would still choose to make Apple our
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largest investment. But there is more to the story! Tim Cook keeps saying
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that he expects to introduce \u201cnew products in new categories\u201d and
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yet very few people seem to be listening. We\u2019re not aware of a single
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Wall Street analyst who includes \u201cnew products in new categories\u201d
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or new services in any of their financial projections, even though Apple clearly
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has an impressive track record of such new category product introductions,
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even if it does so rarely. Apple released the iPhone in 2007 and the iPad
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five years later in 2012, both so extraordinarily successful that today they
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represent the majority of the company\u2019s revenue. Tim Cook\u2019s comments,
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along with advancements in enabling technologies, lead us to believe that
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we may see in the not too distant future what new groundbreaking products
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they\u2019ve been working on developing in Cupertino these last several years.3\n\nTo
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get a sense of the scale of the opportunity that stems from new products in
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new categories, let\u2019s take a moment to consider the possibility of an
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Apple television. The major electronics companies are now focused on ultra
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high definition TVs as their next big opportunity. Ultra high definition is
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expected to offer a level of image clarity that is superior to today\u2019s
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high definition televisions for screen sizes 55 inches and above. To date,
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the barrier to mass market adoption of ultra high definition has been the
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price gap between it and regular high definition, but that price gap is closing
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and will soon be de minimis. The closing of this price gap is supported by
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statements made by the Co-CEO of Samsung Electronics, who expects the price
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gap to fall to 10% by the end of this year. While cable companies will likely
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be slow to upgrade their linear TV infrastructure due to cost, video content
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is expected to be accessible through the internet via services like Netflix
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and others. We believe ultra high definition represents a major catalyst for
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the next TV replacement cycle and a promising moment for Apple to introduce
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its first new product in this category. Reed Hastings, CEO of Netflix, has
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referenced ultra high definition as a major catalyst for Netflix going forward.
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While this is true for Netflix, we believe it is also true for Apple, not
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just for its hardware but also for selling ultra high definition movies and
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shows on iTunes through the internet. With 238 million TVs sold globally in
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2012, it would not surprise us if Apple could sell 25 million new Apple ultra
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high definition televisions at $1,600 per unit, especially when considering
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both its track record of introducing best in class products and its market
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share in smartphones and tablets.4 At a gross margin of 37.7%, which would
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be consistent with that of the overall company, such a debut would add $40
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billion of revenues and $15 billion to operating income annually.5\n\nThe
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possibility of a television represents only one opportunity for the company
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that stems from new products in new categories. While we won\u2019t go through
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all of them here, we see several major opportunities in hardware alone. With
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advancements in miniaturization and continued improvements in Siri, it seems
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obvious to us that Apple has a compelling opportunity in the exciting area
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of wearable devices, supported by rumors that Apple is developing a smartwatch
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(as Tim Cook himself said the wrist is \u201can area of great interest for
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Apple\u201d). While many consider Apple a hardware company, to pigeonhole
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it as such is no longer appropriate in our opinion. Apple has built an ecosystem
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of hardware, software, and services that we believe collectively represents
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the most successful consumer product platform in the entire history of consumer-facing
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technologies. And as Apple\u2019s customer base continues to enjoy the use
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of this ecosystem, storing media in the cloud and moving it from one Apple
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device to another as doing so becomes increasingly convenient with innovations
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such as Airplay (as just one simple example of this ecosystem\u2019s current
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functionality), we believe that customer base grows increasingly loyal and
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excited for the next Apple product release, making it an asset in and of itself
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that grows and becomes increasingly valuable. Indeed, we believe any new software
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service that offers new functionality to this customer base becomes a large
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opportunity for Apple to introduce as a revolutionary and disruptive bolt-on
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to the ecosystem. As just one of many possible examples of this phenomenon,
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Apple could introduce a next generation payments solution. In terms of whether
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the marketplace is well addressed by mobile payments solutions, Tim Cook has
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said \u201cI think it is in its infancy\u2026 I think it is just getting started
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and just of out of the starting block.\u201d With the fingerprint sensor,
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iBeacon, 575+ million credit card numbers stored in iTunes, and Apple\u2019s
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homogeneous iOS installed base with 79% of devices using iOS 7, we believe
|
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a revolutionary payments solution is now a very real opportunity that the
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company could choose to pursue. With respect to all of Apple\u2019s new and
|
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existing opportunities for growth, they will only prove to be successful with
|
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strong execution from the company\u2019s management, in whom we hold great
|
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confidence. Naysayers say Tim Cook is not Steve Jobs, and they\u2019re absolutely
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right. He is Tim Cook and we believe he is doing an excellent job, and Jonathan
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Ive, Senior VP of Design, is Jonathan Ive and we believe he\u2019s doing an
|
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excellent job, etcetera.\n\nIn this letter, we have above summarized why we
|
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believe Apple is undervalued in order to express how ridiculous it seems to
|
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us for Apple to horde so much cash rather than repurchase stock (and thereby
|
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+
use that cash to make a larger investment in itself for the benefit of all
|
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+
of the company\u2019s shareholders). In its statement in opposition to our
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proposal, the company claims that \u201cthe Board and management team have
|
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+
demonstrated a strong commitment to returning capital to shareholders\u201d
|
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and we believe that is true, but we also believe that commitment is not strong
|
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enough given the unique degree to which the company is both undervalued and
|
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overcapitalized. Furthermore, it is important to note that a share repurchase
|
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+
is not simply an act of \u201creturning capital to shareholders\u201d since
|
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+
it is also the company effectively making an investment in itself. To us,
|
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|
+
as long term investors, this is an important difference: a dividend is a pure
|
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|
+
return of capital while a share repurchase is the company making an investment
|
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|
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in itself by buying shares in the market at the current price, which we believe
|
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to be undervalued, from shareholders willing to sell at that price for the
|
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benefit of shareholders who choose to remain investors for the longer term.
|
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+
And we are long term investors. It should be noted that no one on the Board
|
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seems to be an expert in the world of investment management. However, based
|
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on our record, we believe few will argue that we are experts in this area,
|
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and we have no doubts that the Board is doing a great disservice to its shareholders
|
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|
+
by not immediately increasing the size of the share repurchase program in
|
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+
order to more effectively take advantage of what we believe to be the company\u2019s
|
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low market valuation.\n\nWe have expressed above what we believe to be the
|
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company\u2019s primary reason for not supporting our proposal. Conversely,
|
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it is our belief that Apple\u2019s current excess liquidity is without historical
|
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precedent and beyond reasonable comparison to its peers or otherwise, and
|
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such dramatic overcapitalization affords the company enough excess liquidity
|
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to repurchase the amount of shares we proposed. Apple\u2019s existing capital
|
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return program has just $37 billion remaining, and the company has until the
|
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end of 2015 to complete it. Without any changes to the program, the largest
|
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pile of corporate cash in the world is likely to grow even larger, and if
|
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the share price rises, this Board will have missed a great opportunity to
|
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use more of that hoarded cash to repurchase shares at an attractive value.
|
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+
While it is important for the Board to focus on the return of capital on a
|
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sustained basis, it is also important for the Board to evaluate whether or
|
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not its share price is undervalued and to take advantage of it with share
|
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+
repurchases, especially when the balance sheet exhibits dramatic excess liquidity,
|
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as we believe Apple\u2019s does today.\n\nThe Board may argue that with so
|
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much opportunity, it would be prudent to maintain its excess liquidity to
|
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+
increase R&D or make acquisitions, especially when considering the financial
|
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+
strength of its competitors. We completely agree that the company must innovate
|
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+
and should be flexible to make prudent strategic acquisitions, yet even after
|
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+
taking such factors into account, we believe that tremendous excess liquidity
|
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+
remains. With respect to possible M&A (to which the company does not refer
|
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|
+
in its statement), for the opportunities highlighted above (a TV, a watch,
|
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+
a payment service), we find it extremely difficult to identify any possible
|
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+
strategic acquisitions of scale that make sense. Furthermore, such action
|
242
|
+
would seem to conflict with Apple\u2019s culture historically. A remarkable
|
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+
fact is that since the Board reacquired Steve Jobs through the NeXT acquisition
|
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+
for $427 million in 1997, the next largest acquisition Apple made was $2.6
|
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+
billion for Nortel\u2019s patent portfolio. Amazingly, over these 17 years,
|
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Apple made just $7.8 billion worth of acquisitions in total during this timeframe.
|
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+
Apple clearly has a long history and culture of developing its innovation
|
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+
internally, which leads us to believe that the company will not seek out large
|
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+
acquisitions to pursue any of the opportunities about which we have speculated.
|
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+
In terms of paying for the necessary innovation internally, Apple is expected
|
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+
to generate $40 billion of earnings next year, which already takes into account
|
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+
an increasing R&D expense. In order to address the argument that Apple should
|
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+
reserve excess liquidity to more effectively compete with some of its deep-pocketed
|
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|
+
competitors, there is no doubt that some of them also have significant earnings
|
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+
and net cash on their balance sheets (whether or not that is appropriate).
|
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+
But Apple has much more. When compared to its next largest competitor, Microsoft,
|
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|
+
for example, Apple has $68 billion more net cash and is expected to generate
|
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+
$18 billion more in earnings during 2014.\n\nThe Board may argue that much
|
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+
of its cash and earnings are international and therefore subject to a repatriation
|
260
|
+
tax if returned to the United States to repurchase shares. While this is true,
|
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+
we question why the company would not simply borrow the money in the Unites
|
262
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+
States to the extent it deems its domestic cash of $36 billion and domestic
|
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+
earnings are insufficient. Given that the company has $130 billion of net
|
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+
cash and $40 billion of expected annual earnings, and the fact that it is
|
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|
+
hard to find a better time in history to borrow money, a $50 billion share
|
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|
+
repurchase over the course of fiscal year 2014 seems more than reasonable
|
267
|
+
to us. Today, Apple\u2019s outstanding ten year bonds yield 3.63%, and its
|
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|
+
five year bonds yield 2%. Apple could either continue to carry this debt,
|
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|
+
repay it from its domestic earnings over time, or repatriate cash from abroad
|
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|
+
upon the passage of corporate tax reform.\n\nThe company has stated that it
|
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|
+
is \u201cupdating perspectives on its capital return program for 2014 and
|
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|
+
beyond\u201d and \u201ccollecting input from a very broad base of shareholders.\u201d
|
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|
+
We believe, if our proposal receives majority shareholder support, that the
|
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+
Board should respect it and increase the repurchase program as requested.
|
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|
+
We believe this action will greatly enhance value for all long term shareholders
|
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|
+
who believe, as we do, in the great potential of this company. If the Board
|
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|
+
takes this action, we will applaud them for taking advantage of one of the
|
278
|
+
greatest examples of a \u201cno brainer\u201d we have seen in five decades
|
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|
+
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