Apple announced this morning a major dividend program that is set to transfer profits to shareholders at a significant rate. From the looks of it starting at roughly $10 Billion per year. Though that is small relative to expected Apple profits, even I would admit that this is a huge initial commitment.

Obviously, I have been accusing Apple executives of hoarding cash in an attempt to protect their own interests and the long run survivability of the company rather than maximizing the return on equity of shareholders.

To add insult to injury, share price was down in the immediate wake of the announcement, which though anticipated by a few analysts cannot be regarded as anything other than a discrete jump in market expectations.

There is just no way at this point I can see a narrative in which my story was correct and Apple and the market responds in this manner together.

I will have an update as information becomes available but right now this looks like nothing less than Epic Defeat for my thesis.