aylien_text_api 0.0.1
This diff represents the content of publicly available package versions that have been released to one of the supported registries. The information contained in this diff is provided for informational purposes only and reflects changes between package versions as they appear in their respective public registries.
- 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
- data/spec/fixtures/aylien_text_api/client/hashtags_with_invalid_params.yml +40 -0
- 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
- data/spec/fixtures/aylien_text_api/client/language_with_invalid_params.yml +40 -0
- 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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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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|
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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
|
|
201
|
+
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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|
+
in itself by buying shares in the market at the current price, which we believe
|
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209
|
+
to be undervalued, from shareholders willing to sell at that price for the
|
|
210
|
+
benefit of shareholders who choose to remain investors for the longer term.
|
|
211
|
+
And we are long term investors. It should be noted that no one on the Board
|
|
212
|
+
seems to be an expert in the world of investment management. However, based
|
|
213
|
+
on our record, we believe few will argue that we are experts in this area,
|
|
214
|
+
and we have no doubts that the Board is doing a great disservice to its shareholders
|
|
215
|
+
by not immediately increasing the size of the share repurchase program in
|
|
216
|
+
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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|
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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
|
|
226
|
+
the share price rises, this Board will have missed a great opportunity to
|
|
227
|
+
use more of that hoarded cash to repurchase shares at an attractive value.
|
|
228
|
+
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
|
|
236
|
+
and should be flexible to make prudent strategic acquisitions, yet even after
|
|
237
|
+
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
|
|
239
|
+
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
|
|
243
|
+
fact is that since the Board reacquired Steve Jobs through the NeXT acquisition
|
|
244
|
+
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
|
|
249
|
+
acquisitions to pursue any of the opportunities about which we have speculated.
|
|
250
|
+
In terms of paying for the necessary innovation internally, Apple is expected
|
|
251
|
+
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
|
|
254
|
+
competitors, there is no doubt that some of them also have significant earnings
|
|
255
|
+
and net cash on their balance sheets (whether or not that is appropriate).
|
|
256
|
+
But Apple has much more. When compared to its next largest competitor, Microsoft,
|
|
257
|
+
for example, Apple has $68 billion more net cash and is expected to generate
|
|
258
|
+
$18 billion more in earnings during 2014.\n\nThe Board may argue that much
|
|
259
|
+
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,
|
|
261
|
+
we question why the company would not simply borrow the money in the Unites
|
|
262
|
+
States to the extent it deems its domestic cash of $36 billion and domestic
|
|
263
|
+
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
|
|
266
|
+
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
|
|
268
|
+
five year bonds yield 2%. Apple could either continue to carry this debt,
|
|
269
|
+
repay it from its domestic earnings over time, or repatriate cash from abroad
|
|
270
|
+
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
|
|
277
|
+
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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