“I am fine with Apple’s (AAPL) cash position and find David Einhorn’s lawsuit as well as his plan for ‘iPreferreds’ as gimmicky,” Scott Ryan Anderson writes for The Motley Fool. “I do not believe that the adoption of any such plan would ‘unlock’ value anymore than a 10 for 1 stock split. The announcement of such schemes would create a short-term bounce from the same type of investor who would get excited if you offered to give them ten $1 dollar bills for a single $10 bill.”

MacDailyNews Take: Over time, though, the results of a significant split might be a different story.

“The informed investors can account for the cash and speaking for myself, I am content with Apple investing the cash,” Anderson writes. “If I wanted the cash so badly I would buy a bond or a utility.”

Anderson writes, “Even from the rational perspective of a private market investor, Apple is due for a correction – and that correction should easily put it at a minimum P/E of 16-17 times earnings based upon the long-term average P/E multiple of the DJII (with earnings around $750 per share).”

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