Neil Cybart 5/17/24 Neil Cybart 5/17/24

iPad Pro and the Goal of Perfection

An examination of Apple’s iPad strategy as the new iPad Pro goes on sale.

An examination of Apple’s iPad strategy as the new iPad Pro goes on sale.

Written by Neil Cybart – May 17th, 2024.

The state of iPad is strong as Apple moves that much closer to its long-held goal of having the iPad become a magical piece of glass. If there is such a thing as an ideal state – a state of perfection – for iPad, Apple sure seems to be getting close. Of course, the company will never get to that point. Perfection is not an end state but rather a state of mind.

Apple has rightly resisted calls to morph iPad into a Mac hybrid. Criticism that the iPad has somehow fallen short of its initial expectations fail to acknowledge the product category’s positioning within the Apple ecosystem. iPad is a touch-first computer offering more versatility than any other Apple product category.

With the iPad Pro cementing its place as the marquee iPad, a discussion regarding the new iPad Pro will inevitably evolve into a discussion about the current state of the iPad.

We begin such a discussion by looking at the iPad’s early days.

Table of Contents

History
The New iPad Pro
iPad Strategy
Criticism
My iPad Theory
Future

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Neil Cybart 12/21/23 Neil Cybart 12/21/23

The Ultra Strategy: An Examination of Apple’s Adventurous Watch

An examination of the Apple Watch Ultra.

Written by Neil Cybart - December 21st, 2023

In 2022, Apple unveiled an all-new Apple Watch model designed for the adventurous. While previous Apple Watches were able to be used in extreme conditions, this model would be marketed as taking things to another level. A year after its unveiling, Apple Watch Ultra remains the most intriguing Apple Watch model as momentum flows to more capable devices worn on the wrist.

Table of Contents

Apple Watch History
Watch Line Expansion
The Ultra Unveiling
Bad (Initial) Reviews
The Strategy
Differentiation Details
Sales Implications
Future

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Payment is hosted by MoonClerk and secured by Stripe. Apple Pay and other mobile payment options are accepted. After signup, use this link to update your payment information and membership status at any time.

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Neil Cybart 11/21/23 Neil Cybart 11/21/23

The State of the Mac

An examination of Apple’s oldest product category.

An examination of Apple’s oldest product category.

Written by Neil Cybart - November 21st, 2023

Three years into the Mac’s Apple Silicon transition, the product category has never been stronger. It’s a stark difference from where the Mac was a decade ago. And yet, Mac sales are back to the same level as they were pre-Apple Silicon. This report reflects on where the Mac has come from and where it is going as Apple heads into spatial computing.

The Mac’s Past

The 2010s represented a complicated decade for the Mac. While Apple never lost its optimistic and upbeat tone with the Mac, the product category experienced a few highs but also the lowest of lows.

The best way of describing Apple’s old approach with the Mac (pre-2017) was aggressiveness in getting users to shift to mobile devices. (For this Report, we won’t go over Mac strategy pre-iPhone).

Apple was seeing unprecedented demand for iPhone and iPad with strong installed base growth. Even though Apple was continuing to add new users to the Mac installed base, the rates were not at the same level as what was unfolding with its mobile siblings.

In the early and mid 2010s, a going theory on display with Apple’s product development strategy was that many Mac users would eventually migrate to iPad (and iPhone). These Mac users were not developers and had no need for pro Mac software. Instead, they were sticking with the Mac for other reasons, including familiarity. Based on subsequent Apple disclosure, parts of that theory proved correct. In early 2017, Apple said 70% to 85% of Mac users weren’t relying on professional Mac software. This group was thought to be a prime target market for the iPad.

The implications of this Mac mindset went far. As workflows migrated from the Mac to iPad, the Mac line would be winnowed down to essentially three models: the MacBook, iMac, and Mac Pro. At least, that was the theory. Although this goal wasn’t directly telegraphed in ad campaigns or commercials, Apple’s actions with the Mac spoke volumes. The Mac mini went years without an update. The now infamous butterfly keyboard debacle was ultimately Apple trying to make MacBooks as thin as possible (keys stability was positioned as another selling point). Other new ideas included the Touch Bar and the 12-inch MacBook form factor. The takeaway wasn’t that Apple gave up with the Mac or was losing interest (far from it). Some of the Mac features were clearly inspired by the success seen with Apple's mobile devices. Instead, Apple appeared to be struggling with understanding what users, especially those with pro workflows, were looking for in a Mac.

An Above Avalon membership is required to continue reading this report. Members can read the full report here. An audio version of this report is available to members who have the podcast add-on attached to their membership. More information about the podcast add-on is found here.

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Member Privileges and Benefits

Receive Exclusive Daily Updates. The cornerstone of Above Avalon membership is access to Neil Cybart’s exclusive daily updates about Apple. Updates are sent via email and go over current news and developments impacting Apple, its competitors, and the industries Apple plays in (or will play in). Approximately 200 daily updates are published throughout the year. Sample daily updates can be viewed here, here, and here.
Receive Exclusive Reports. Members have access to Neil’s reports, which are in-depth examinations of Apple's business, product, and financial strategy.
Customization Options. Members have the option of attaching various add-ons to their membership to customize their membership to their liking. Podcast, Inside Orchard, and Financial Models add-ons can be attached and then later removed seamlessly online.
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Email Priority. Receive priority when it comes to having email questions and inquiries answered. Neil personally answers all inquiries, including customer service matters related to your membership.
Archive Access. Read 1,500+ daily updates and reports that have been previously sent to members. The Above Avalon member archive is unmatched in the marketplace in terms of the sheer amount of Apple analysis found in one location. The daily updates archive can be viewed here while the reports archive is available here.
Member Forum Access. Join other Above Avalon members in an active forum containing in-depth discussion and debate. Neil moderates and participates in the forum. The forum is run through Slack and can be accessed here.
Virtual Meet-ups. Talk with Neil about Apple and other related items in virtual meet-ups held via Slack throughout the year.
Above Avalon Support. Play an active role in supporting Above Avalon as an independent source of Apple analysis. Above Avalon is fully sustained by its members.

Neil Cybart 4/12/23 Neil Cybart 4/12/23

Apple’s Reality (Headset) Plans

An examination of Apple’s upcoming entry into AR/VR headsets.

Written by Neil Cybart – April 12th, 2023

In the coming months, Apple is expected to unveil its next wearables chapter with an AR/VR headset. Having already launched wearable devices designed for the wrist (Apple Watch) and ears (AirPods), Apple will soon expand its focus to the eyes (Apple Reality). This report serves as a primer for Apple’s play for the “eyes” - a headset delivering AR/VR experiences.

Note: This report references terms including AR, VR, MR, eye wearables, and Apple Reality. Here is a short explanation of the key differences:

AR (augmented reality): Overlays digital objects/context on top of one’s visual and auditory surroundings.
VR (virtual reality): Offers a digital alternative to one’s visual and auditory surroundings.
MR (mixed reality): A combination of AR/VR, and the goal is to enhance the wearer’s presence.
Face / eye wearables: Devices that include headsets/visors/goggles/glasses.
Apple Reality: The name Apple may give to its MR headset.

Background

The discussion surrounding AR and VR has been noisy and unnecessarily complicated because four devices have been talked about in the press seemingly interchangeably:

Smart Glasses. Lightweight and thin glasses that display small snippets of text, information, and symbols in the wearer’s peripheral vision. This device is, in theory, closest in utilization to that of Apple Watch.
AR Glasses. Lightweight and thin glasses that enhance one's surroundings by adding a contextual layer on top of reality. This device is a more enhanced and capable version of smart glasses.
VR Headsets. A historically bulky contraption worn on the face that removes the wearer from their surroundings. Meta Quest is an example of a VR headset.
MR (AR/VR) Headsets. A historically bulky contraption worn on the face combining VR and AR. Microsoft HoloLens is an example of a mixed reality headset, but some will say the device is closer to a bulky AR headset.

Apple is believed to be working on two distinct products:

MR headset “Apple Reality” (to be unveiled soon).
Pair of AR glasses (to be unveiled in a few years when the technology is ready).

As a sign of how ambitious Apple’s goals are in the AR/VR space, the company

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Receive Exclusive Daily Updates. The cornerstone of Above Avalon membership is access to Neil’s exclusive daily updates about Apple. Updates are sent via email and go over current news and developments impacting Apple, its competitors, and the industries Apple plays in (or will play in). Approximately 200 daily updates are published throughout the year. Sample daily updates can be viewed here, here, and here.

Receive Exclusive Reports. Members have access to Neil’s reports, which are in-depth examinations of Apple's business, product, and financial strategy.
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Member Forum Access. Join other Above Avalon members in an active forum containing in-depth discussion and debate. Neil moderates and participates in the forum. The forum is run through Slack and can be accessed here.
Virtual Meet-ups. Talk with Neil about Apple and other related items in virtual meet-ups held via Slack throughout the year.
Above Avalon Support. Play an active role in supporting Above Avalon as an independent source of Apple analysis. Above Avalon is fully sustained by its members.

Neil Cybart 12/22/22 Neil Cybart 12/22/22

Project Titan: Apple’s Transportation Ambition

An examination of Apple’s electric car R&D project.

Written by Neil Cybart – December 22nd, 2022

Since 2015, dozens of Above Avalon daily updates have been dedicated to discussing the latest developments involving Project Titan, Apple’s electric car R&D project. This report serves as both a summary of Titan developments to date as well as an examination of Apple’s path forward in transportation.

Rethinking Cars

What is an automobile?

How does one use an automobile?

Why do automobiles look the way they do?

Anyone who has owned or driven an automobile has formed answers to these questions over the span of their driving experiences. Ask the same questions to someone who has never driven an automobile, and the answers would be enlightening. Driving an automobile is not natural. We need to teach ourselves the art of navigating a heavy machine composed of thousands of little parts.

Is the driving learning experience focused on suppressing intuition in order for the user to adapt to a machine that hasn't changed much in decades?

Is it possible to make an automobile more intuitive so that someone with no driving experience can hop in and get to where they want to go in a much more enjoyable way than that which exists today?

Henry Ford had a very simple goal with the Model T: Set the world free.

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Payment is processed and secured by Stripe. Apple Pay and other mobile payment options are accepted. Special Inside Orchard bundle pricing is available for Above Avalon members.

Member Privileges and Benefits

Receive Exclusive Daily Updates. The cornerstone of Above Avalon membership is access to Neil’s exclusive daily updates about Apple. Updates are sent via email and go over current news and developments impacting Apple, its competitors, and the industries Apple plays in (or will play in). Approximately 200 daily updates are published throughout the year. Sample daily updates can be viewed here, here, and here.

Receive Exclusive Reports. Members have access to Neil’s reports, which are in-depth examinations of Apple's business, product, and financial strategy.
Access Private Podcasts. Members have the option of attaching a podcast add-on to their membership in order to receive the daily updates and reports in audio form.
Access Neil’s Earnings Model. Members have access to Neil’s working Apple earnings model (an Excel file that also works in Numbers). The model is fully functional and adjustable and provides the ability to alter earnings drivers.
Email Priority. Receive priority when it comes to having email questions and inquiries answered. Neil personally answers all inquiries, including customer service matters related to your membership.
Archive Access. Read 1,200+ daily updates and reports that have been previously sent to members. The Above Avalon member archive is unmatched in the marketplace in terms of the sheer amount of Apple analysis found in one location. The daily updates archive can be viewed here while the reports archive is available here.
Member Forum Access. Join other Above Avalon members in an active forum containing in-depth discussion and debate. Neil moderates and participates in the forum. The forum is run through Slack and can be accessed here.
Virtual Meet-ups. Talk with Neil about Apple and other related items in virtual meet-ups held via Slack throughout the year.
Above Avalon Support. Play an active role in supporting Above Avalon as an independent source of Apple analysis. Above Avalon is fully sustained by its members.

Neil Cybart 11/23/22 Neil Cybart 11/23/22

Apple’s Share Buyback: What Comes Next?

An examination of Apple’s buyback strategy in relation to its net cash neutral goal.

Written by Neil Cybart

Apple has the largest share buyback program in the world. With $90 billion put into buyback in just the past 12 months, the company’s buyback strategy continues to draw questions.

What is Apple’s ultimate objective in repurchasing shares?
What will happen to Apple’s buyback program once the company reaches its net cash neutral goal?

This report examines Apple’s share repurchase program, including the technical details and mechanisms behind buyback, the motivating factors for continued share repurchases, and the most likely path forward from a capital management perspective once Apple reaches its net cash neutral goal.

What Are Share Repurchases?

Share repurchases are the reverse mechanism of a company issuing stock. A company’s board of directors authorizes the use of cash on the balance sheet to buy back shares from existing shareholders. In most cases, repurchased shares are retired and taken out of circulation, thereby reducing a company’s share count.

Technical Details

There are three ways for a company to buy back shares:

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Payment is processed and secured by Stripe. Apple Pay and other mobile payment options are accepted. Special Inside Orchard bundle pricing is available for Above Avalon members.

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Receive Exclusive Daily Updates. The cornerstone of Above Avalon membership is access to Neil’s exclusive daily updates about Apple. Updates are sent via email and go over current news and developments impacting Apple, its competitors, and the industries Apple plays in (or will play in). Approximately 200 daily updates are published throughout the year. Sample daily updates can be viewed here, here, and here.

Receive Exclusive Reports. Members have access to Neil’s reports, which are in-depth examinations of Apple's business, product, and financial strategy.
Access Private Podcasts. Members have the option of attaching a podcast add-on to their membership in order to receive the daily updates and reports in audio form.
Access Neil’s Earnings Model. Members have access to Neil’s working Apple earnings model (an Excel file that also works in Numbers). The model is fully functional and adjustable and provides the ability to alter earnings drivers.
Email Priority. Receive priority when it comes to having email questions and inquiries answered. Neil personally answers all inquiries, including customer service matters related to your membership.
Archive Access. Read 1,200+ daily updates and reports that have been previously sent to members. The Above Avalon member archive is unmatched in the marketplace in terms of the sheer amount of Apple analysis found in one location. The daily updates archive can be viewed here while the reports archive is available here.
Member Forum Access. Join other Above Avalon members in an active forum containing in-depth discussion and debate. Neil moderates and participates in the forum. The forum is run through Slack and can be accessed here.
Virtual Meet-ups. Talk with Neil about Apple and other related items in virtual meet-ups held via Slack throughout the year.
Above Avalon Support. Play an active role in supporting Above Avalon as an independent source of Apple analysis. Above Avalon is fully sustained by its members.

Neil Cybart 8/18/22 Neil Cybart 8/18/22

HomePod: The Discontinuation That Still Has Unanswered Questions

An examination of the run-up, decision, and fallout related to Apple’s most curious product discontinuation.

Written by Neil Cybart

In March 2021, Apple discontinued the original HomePod with the stated reason of focusing on the HomePod mini. The decision was a curious one, not only because Apple rarely discontinues products, but also the HomePod mini is an all-around inferior product in comparison to the HomePod.

More than a year later, all of the questions related to Apple’s decision to discontinue HomePod remain just as valid today. The HomePod was one of the more impressive products Apple had shipped in years. The stellar music listening experience obtained by pairing two HomePods together remains an eye-opening experience. It’s hard to imagine Apple executives have replaced original HomePods in their homes with HomePod minis.

HomePod may be up there as the most questionable product discontinuation in modern Apple. In its quest to say no much more often than yes, the HomePod may have fallen victim to Apple’s focus culture.

The Stationary Smart Speaker Market

In the late 2010s, we experienced a stationary smart speaker mirage. Companies were using smart speakers to take advantage of an awkward phase of technology in which there didn’t seem to be any clear direction as to where things were headed.

(Members: Reports are always accessible by logging into Slack. If you haven’t logged into Slack before, fill out this form to receive an invite.)

Above Avalon Membership

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Payment is processed and secured by Stripe. Apple Pay and other mobile payment options are accepted. Special Inside Orchard bundle pricing is available for Above Avalon members.

Member Privileges and Benefits

Receive Exclusive Daily Updates. The cornerstone of Above Avalon membership is access to Neil’s exclusive daily updates about Apple. Updates are sent via email and go over current news and developments impacting Apple, its competitors, and the industries Apple plays in (or will play in). Approximately 200 daily updates are published throughout the year. Sample daily updates can be viewed here, here, and here.

Receive Exclusive Reports. Members have access to Neil’s reports, which are in-depth examinations of Apple's business, product, and financial strategy.
Access Private Podcasts. Members have the option of attaching a podcast add-on to their membership in order to receive the daily updates and reports in audio form.
Access Neil’s Earnings Model. Members have access to Neil’s working Apple earnings model (an Excel file that also works in Numbers). The model is fully functional and adjustable and provides the ability to alter earnings drivers.
Email Priority. Receive priority when it comes to having email questions and inquiries answered. Neil personally answers all inquiries, including customer service matters related to your membership.
Archive Access. Read 1,200+ daily updates and reports that have been previously sent to members. The Above Avalon member archive is unmatched in the marketplace in terms of the sheer amount of Apple analysis found in one location. The daily updates archive can be viewed here while the reports archive is available here.
Member Forum Access. Join other Above Avalon members in an active forum containing in-depth discussion and debate. Neil moderates and participates in the forum. The forum is run through Slack and can be accessed here.
Virtual Meet-ups. Talk with Neil about Apple and other related items in virtual meet-ups held via Slack throughout the year.
Above Avalon Support. Play an active role in supporting Above Avalon as an independent source of Apple analysis. Above Avalon is fully sustained by its members.

Neil Cybart 6/3/22 Neil Cybart 6/3/22

The iPhone Mini

An analysis of Apple’s iPhone mini strategy including the model’s lukewarm reception with consumers and difficult time competing against the iPhone SE.

Written by Neil Cybart

The iPhone business is booming. Unit sales are estimated to be at record highs (~270 million units per year) while average selling prices remain at healthy levels ($750+). No Android alternative comes close to matching the iPhone’s success. A major contributor to the iPhone’s success over the years, both in terms of sales and installed base growth, has been Apple’s intelligent approach at diversifying the iPhone line based on feature set and price. Selling a range of iPhone models, including the iPhone mini, has played a key role in Apple reaching a larger customer base.

History

Apple’s iPhone model expansion strategy started relatively straightforward and early on.

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Neil Cybart 8/15/19 Neil Cybart 8/15/19

Industrial Design at Apple

The fourth Above Avalon report is focused on Apple’s industrial design group.

Industrial Design at Apple

Above Avalon Report
August 2019
Written by Neil Cybart

Table of Contents

What Is Industrial Design?
Apple’s Design Team
Industrial Design at Apple
The Industrial Designer’s Role within Apple
How the Industrial Design Team Works
History of Industrial Design at Apple
Internal vs. External
Strengths / Benefits
Weaknesses / Risks
Changes
Jeff Williams
Future Considerations

Above Avalon membership is required to read this 4,900-word report. Members can read the report here.

Above Avalon Membership

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Above Avalon members receive the full Above Avalon experience throughout the week.

The cornerstone of Above Avalon membership is access to Neil’s exclusive daily updates about Apple. Daily updates are 2,000 words and sent via email Monday through Thursday. Updates revolve around the following topics:

Apple business and strategy analysis.
Neil’s perspective and observations on current news and Apple competitors.
Neil’s Apple financial estimates.
Full coverage of Apple earnings, product events, and keynotes.

If it is of interest to Apple, it is something I pay attention to.

Member Privileges and Benefits

Receive Exclusive Daily Updates. The cornerstone of Above Avalon membership is access to Neil’s exclusive daily updates about Apple. Each email is 2,000 words and includes Neil’s analysis and perspective on the most important stories and news impacting Apple. Unlike other paid emails that may sporadically talk about Apple, every Above Avalon daily update is focused on Apple. New updates are sent Monday through Thursday. Approximately 200 daily updates published throughout the year. Sample daily updates can be viewed here, here, and here. Members have the option of receiving a consolidated weekly version of the daily updates. In addition, an RSS feed is available for members.
Access Reports and Neil’s Earnings Model. Members have access to Above Avalon reports, which are in-depth examinations of Apple's business and financial strategy. Each report is 4,000 to 5,000 words and covers one Apple topic. Members also have access to Neil’s working Apple earnings model (an Excel file that also works in Numbers). The model is fully functional and adjustable with the ability to alter earnings drivers. Reports and Neil’s earnings model are available to members at no additional cost.
Email Priority. Receive priority when it comes to having email questions and inquiries answered. Neil personally answers all inquiries, including any customer service matters related to your membership.
Archive Access. Read more than 850 daily updates and five reports that have been previously sent to members. The Above Avalon member archive is unmatched in the marketplace in terms of the sheer amount of Apple analysis found in one location. The daily updates archive can be viewed here while the reports archive is available here.
Member Forum Access. Join other Above Avalon members in an active forum containing in-depth discussion and debate. While most private member forums have limited participation, the Above Avalon member forum has become known as one of the more vibrant private communities dedicated to Apple. Members live in 55 countries and hold a diverse range of backgrounds and occupations. There is a specific forum channel for members to share AAPL stock and options trading strategies. Neil moderates and participates in the forum. The forum is run through Slack and can be accessed here.
Receive Above Avalon Weekly Articles via Email. Receive the weekly Above Avalon articles via email. This feature is only available to members.
Member Meet-ups. Meet Neil and other Above Avalon members to discuss Apple and other related news items. Prior meet-ups have taken place in San Francisco, Cupertino, and San Jose. Future meet-ups are possible in other cities.
Above Avalon Support. Play an active role in supporting Above Avalon as an independent source of Apple analysis. Above Avalon is fully sustained by its members.

Neil Cybart 4/15/19 Neil Cybart 4/15/19

Product Vision: How Apple Thinks About the World

The third Above Avalon report is focused on Apple’s product strategy and vision.

Product Vision: How Apple Thinks About the World

Above Avalon Report
April 2019
Written by Neil Cybart

Table of Contents

Introduction
Product Leadership
Product Development Motivation
Vision
The Grand Unified Theory of Apple Products
Offshoots
What Comes Next?
Conclusion

Above Avalon membership is required to read this 4,200-word report. Members can read the report here.

Above Avalon Membership

Subscribe $20/Month

Subscribe $200/Year

Above Avalon members receive the full Above Avalon experience throughout the week.

Apple business and strategy analysis.
Neil’s perspective and observations on current news and Apple competitors.
Neil’s Apple financial estimates.
Full coverage of Apple earnings, product events, and keynotes.

If it is of interest to Apple, it is something I pay attention to.

Member Privileges and Benefits

Receive Exclusive Daily Updates. The cornerstone of Above Avalon membership is access to Neil’s exclusive daily updates about Apple. Each email is 2,000 words and includes Neil’s analysis and perspective on the most important stories and news impacting Apple. Unlike other paid emails that may sporadically talk about Apple, every Above Avalon daily update is focused on Apple. New updates are sent Monday through Thursday. Approximately 200 daily updates published throughout the year. Sample daily updates can be viewed here, here, and here. Members have the option of receiving a consolidated weekly version of the daily updates. In addition, an RSS feed is available for members. The daily updates can also be consumed in audio via the Above Avalon Daily podcast (available to members as an add-on feature).
Access Reports and Neil’s Earnings Model. Members have access to Above Avalon reports, which are in-depth examinations of Apple's business and financial strategy. Each report is 4,000 to 5,000 words and covers one Apple topic. Members also have access to Neil’s working Apple earnings model (an Excel file that also works in Numbers). The model is fully functional and adjustable with the ability to alter earnings drivers. Reports and Neil’s earnings model are available to members at no additional cost.
Email Priority. Receive priority when it comes to having email questions and inquiries answered. Neil personally answers all inquiries, including any customer service matters related to your membership.
Archive Access. Read more than 1,000 daily updates and five reports that have been previously sent to members. The Above Avalon member archive is unmatched in the marketplace in terms of the sheer amount of Apple analysis found in one location. The daily updates archive can be viewed here while the reports archive is available here.
Member Forum Access. Join other Above Avalon members in an active forum containing in-depth discussion and debate. While most private member forums have limited participation, the Above Avalon member forum has become known as one of the more vibrant private communities dedicated to Apple. Members live in 55 countries and hold a diverse range of backgrounds and occupations. There is a specific forum channel for members to share AAPL stock and options trading strategies. Neil moderates and participates in the forum. The forum is run through Slack and can be accessed here.
Receive Above Avalon Weekly Articles via Email. Receive the weekly Above Avalon articles via email. This feature is only available to members.
Member Meet-ups. Meet Neil and other Above Avalon members to discuss Apple and other related news items. Prior meet-ups have taken place in San Francisco, Cupertino, and San Jose. Future meet-ups are possible in other cities.
Above Avalon Support. Play an active role in supporting Above Avalon as an independent source of Apple analysis. Above Avalon is fully sustained by its members.

Neil Cybart 12/22/18 Neil Cybart 12/22/18

Apple and Dividends: A Deep Dive into Apple’s Cash Dividend Strategy

The second Above Avalon report is focused on Apple’s cash dividends.

Apple and Dividends: A Deep Dive into Apple’s Cash Dividend Strategy

Above Avalon Report
December 2018
Written by Neil Cybart

Table of Contents

Introduction
History
Why Pay a Dividend?
Dividend Strategy
Benefits Found with Cash Dividends
Risks Found with Cash Dividends
Share Buyback’s Impact on Dividends
Scenario Analysis
Future Considerations

Above Avalon membership is required to read this 3,900-word report. Members can read the report here.

Above Avalon Membership

Subscribe $20/month

Subscribe $200/year

Above Avalon members receive the full Above Avalon experience throughout the week.

Apple business and strategy analysis.
Neil’s perspective and observations on current news and Apple competitors.
Neil’s Apple financial estimates.
Full coverage of Apple earnings, product events, and keynotes.

If it is of interest to Apple, it is something I pay attention to.

Member Privileges and Benefits

Receive Exclusive Daily Updates. The cornerstone of Above Avalon membership is access to Neil’s exclusive daily updates about Apple. Each email is 2,000 words and includes Neil’s analysis and perspective on the most important stories and news impacting Apple. Unlike other paid emails that may sporadically talk about Apple, every Above Avalon daily update is focused on Apple. New updates are sent Monday through Thursday. Approximately 200 daily updates published throughout the year. Sample daily updates can be viewed here, here, and here. Members have the option of receiving a consolidated weekly version of the daily updates. In addition, an RSS feed is available for members.
Access Reports and Neil’s Earnings Model. Members have access to Above Avalon reports, which are in-depth examinations of Apple's business and financial strategy. Each report is 4,000 to 5,000 words and covers one Apple topic. Members also have access to Neil’s working Apple earnings model (an Excel file that also works in Numbers). The model is fully functional and adjustable with the ability to alter earnings drivers. Reports and Neil’s earnings model are available to members at no additional cost.
Email Priority. Receive priority when it comes to having email questions and inquiries answered. Neil personally answers all inquiries, including any customer service matters related to your membership.
Archive Access. Read more than 850 daily updates and five reports that have been previously sent to members. The Above Avalon member archive is unmatched in the marketplace in terms of the sheer amount of Apple analysis found in one location. The daily updates archive can be viewed here while the reports archive is available here.
Member Forum Access. Join other Above Avalon members in an active forum containing in-depth discussion and debate. While most private member forums have limited participation, the Above Avalon member forum has become known as one of the more vibrant private communities dedicated to Apple. Members live in 55 countries and hold a diverse range of backgrounds and occupations. There is a specific forum channel for members to share AAPL stock and options trading strategies. Neil moderates and participates in the forum. The forum is run through Slack and can be accessed here.
Receive Above Avalon Weekly Articles via Email. Receive the weekly Above Avalon articles via email. This feature is only available to members.
Member Meet-ups. Meet Neil and other Above Avalon members to discuss Apple and other related news items. Prior meet-ups have taken place in San Francisco, Cupertino, and San Jose. Future meet-ups are possible in other cities.
Above Avalon Support. Play an active role in supporting Above Avalon as an independent source of Apple analysis. Above Avalon is fully sustained by its members.