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2021-04-30

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Apple's Got A $204 Billion 'Problem' That's Costing It A Fortune<blockquote>苹果面临2040亿美元的“问题”，让其损失惨重</blockquote>

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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":103398773,"tweetId":"103398773","gmtCreate":1619746441492,"gmtModify":1634210224484,"author":{"id":3570407134808900,"idStr":"3570407134808900","authorId":3570407134808900,"authorIdStr":"3570407134808900","name":"WoodFIRE","avatar":"https://static.tigerbbs.com/b5ea1867df604529251787b937f8e581","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":0,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Good</body></html>","htmlText":"<html><head></head><body>Good</body></html>","text":"Good","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/103398773","repostId":1169468350,"repostType":2,"repost":{"id":"1169468350","kind":"news","pubTimestamp":1619746070,"share":"https://www.laohu8.com/m/news/1169468350?lang=zh_CN&edition=full","pubTime":"2021-04-30 09:27","market":"us","language":"en","title":"Apple's Got A $204 Billion 'Problem' That's Costing It A Fortune<blockquote>苹果面临2040亿美元的“问题”，让其损失惨重</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1169468350","media":"investors","summary":"Not only didApplesmash first-quarter profit forecasts, it just broke past another S&P 500 threshold: cash. The problem is the company can't get rid of it fast enough — which is costing investors.The tech sector giant ended the three months ended in March 2021 with cash and investments of $204 billion. That's up nearly 5% in a month and keeps Apple No. 1, by far, in the S&P 500 in terms of cash on hand. Google parentAlphabet in the communications services sector is a distant No. 2 with $160 billi","content":"Not only didApple(AAPL)smash first-quarter profit forecasts, it just broke past another S&amp;P 500 threshold: cash. The problem is the company can't get rid of it fast enough — which is costing investors.<blockquote>不仅苹果（AAPL）打破了第一季度利润预期，它刚刚突破了标普500的另一个门槛：现金。问题是该公司无法足够快地摆脱它——这让投资者付出了代价。</blockquote>The tech sector giant ended the three months ended in March 2021 with cash and investments of $204 billion. That's up nearly 5% in a month and keeps Apple No. 1, by far, in the S&amp;P 500 in terms of cash on hand. Google parentAlphabet(GOOGL) in the communications services sector is a distant No. 2 with $160 billion in cash and investments. AndMicrosoft(MSFT) comes in third with $130 billion, says an Investor's Business Daily analysis of data from S&amp;P Global Market Intelligence andMarketSmith, excluding the financial sector.<blockquote>截至2021年3月的三个月，这家科技行业巨头拥有2040亿美元的现金和投资。这一数字在一个月内增长了近5%，使苹果在手头现金方面迄今为止在标普500排名第一。谷歌母公司Alphabet（GOOGL）在通信服务领域遥遥领先，拥有1600亿美元的现金和投资。和微软《投资者商业日报》对标准普尔全球市场情报和MarketSmith（不包括金融行业）数据的分析显示，(MSFT)以1300亿美元排名第三。</blockquote>Apple's cash pile continues to accumulate, despite aggressive efforts to get rid of it. Talk about a good, but costly, problem to have.<blockquote>尽管苹果积极努力摆脱现金，但其现金储备仍在继续积累。谈论一个好的，但代价高昂的问题。</blockquote>Mounting Piles Of Cash<blockquote>越来越多的现金</blockquote>Mounting cash piles at S&amp;P 500 companies aregetting more attention.<blockquote>标普500公司不断增加的现金储备引起了更多关注。</blockquote>Companies stockpiling cash wasfine with investorsduring the uncertainty of the pandemic. But now, cries for higher dividends and stock buybacks are getting louder. Excluding financials, S&amp;P 500 companies' cash and investments is up this year to more than $2.7 trillion.<blockquote>在疫情的不确定性期间，储备现金的公司对投资者来说很好。但现在，要求提高股息和股票回购的呼声越来越高。不包括金融股，标普500公司的现金和投资今年已增至超过2.7万亿美元。</blockquote>\"I would expect to see additional (dividend) initiations from (companies) that previously suspended, and increases from some that reduced their rate, dependent on how the economy reacts to the vaccine progress, any new developments with respect to the virus spread and mutants, and any consumer spending reactions,\" said Howard Silverblatt, index strategist at S&amp;P Dow Jones Indices.<blockquote>“我预计之前暂停的（公司）会增加（股息），而一些降低股息率的公司会增加股息，这取决于经济对疫苗进展的反应、病毒传播和突变体方面的任何新进展，以及任何消费者支出反应，”标准普尔道琼斯指数指数策略师霍华德·西尔弗布拉特(Howard Silverblatt)表示。</blockquote>Apple's cash pile is impressive. But it's a costly luxury.<blockquote>苹果的现金储备令人印象深刻。但这是一种昂贵的奢侈品。</blockquote>It ended the March quarter with $38.5 billion in cash, $31.4 billion in short-term marketable securities and $134.5 billion in long-term marketable securities. Marketable securities are investments that can be quickly and easily turned into cash. A bulk of Apple's marketable securities are held in U.S. Treasuries.<blockquote>截至3月份季度末，该公司拥有385亿美元现金、314亿美元短期有价证券和1,345亿美元长期有价证券。有价证券是可以快速轻松地转化为现金的投资。苹果的大部分有价证券都持有美国国债。</blockquote>That's enough to give all 328 million men, women and children in the U.S. $623 apiece.<blockquote>这足以为美国3.28亿男女老少每人提供623美元。</blockquote>And that's the criticism. Cash and Treasuries are a bad place to be now. The yield on the 10-Year Treasury is just 1.62%. That's half what it was in 2018.<blockquote>这就是批评。现金和国债现在不是一个好地方。10年期国债收益率仅为1.62%。这是2018年的一半。</blockquote>Apple's cash and investments first topped $200 billion in the fiscal year ended in September 2015. Since then it has aggressively tried to dispense of it. Apple announced plans this week for billions in capital expenditures. It's also raising its stock buyback program by $90 billion. Additionally, it hiked its quarterly dividend by 7% to 22 cents a share. That means Apple yields more than 0.6%, in an sector not known for ahigh yield.<blockquote>截至2015年9月的财年，苹果的现金和投资首次突破2000亿美元。从那时起，它就积极地试图摆脱它。苹果本周宣布了数十亿美元的资本支出计划。它还将股票回购计划提高了900亿美元。此外，该公司还将季度股息提高了7%，达到每股22美分。这意味着苹果的收益率超过0.6%，而这个行业并不以高收益率而闻名。</blockquote>The yield on the Technology Select Sector SPDR ETF (XLK) is 0.8%. That's well below the 1.4% dividend yield of the SPDR S&amp;P 500 (SPY).<blockquote>科技精选行业SPDR ETF(XLK)的收益率为0.8%。这远低于SPDR标普500（SPDR标普500指数ETF）1.4%的股息收益率。</blockquote>What All That Cash Is Costing Apple<blockquote>苹果花了多少钱</blockquote>Apple continues to print money faster than it can get rid of it. But the opportunity cost of holding so much cash is staggeringly large. A 1.62% yield on $204 billion is just $3.3 billion a year.<blockquote>苹果继续印钞的速度超过了它摆脱钞票的速度。但持有如此多现金的机会成本大得惊人。2040亿美元的收益率为1.62%，每年仅为33亿美元。</blockquote>Putting that massive amount of money to better use could be highly profitable. That same money invested in Apple's own stock a year ago would have resulted in a gain of $174 billion. Just getting an S&amp;P 500-like long-term return equals $20 billion annually.<blockquote>更好地利用这笔巨额资金可能会带来丰厚的利润。一年前，同样的资金投资于苹果自己的股票将带来1740亿美元的收益。仅获得标普500式的长期回报就相当于每年200亿美元。</blockquote>So by holding hundreds of billions, Apple investors are losing out on billions. Whatshould you look at before buying Apple stock?<blockquote>因此，通过持有数千亿美元，苹果投资者损失了数十亿美元。购买苹果股票之前您应该考虑什么？</blockquote>What To Do With All That Cash?<blockquote>这些钱怎么办？</blockquote>S&amp;P 500 nonfinancial companies are sitting on a record $1.9 trillion in cash alone (excluding investments), says S&amp;P Global Market Intelligence.<blockquote>标准普尔全球市场情报表示，仅标普500非金融公司就坐拥创纪录的1.9万亿美元现金（不包括投资）。</blockquote>Dividends are rising. Investors are also prepping for a big jump in buybacks, too. S&amp;P 500 companies spent $130.6 billion buying back their shares in the fourth quarter of 2020, says S&amp;P Global Market Intelligence. That's up from a recent low of $88.7 billion in the second quarter. Companies are also borrowing less. U.S. companies issued just $192.3 billion in debt in March, down 26% from the same year-ago period.<blockquote>股息正在上升。投资者也在为回购大幅增加做准备。标准普尔全球市场情报称，标普500公司在2020年第四季度斥资1306亿美元回购股票。这高于第二季度887亿美元的近期低点。公司的借贷也在减少。美国公司3月份仅发行了1923亿美元的债务，比去年同期下降了26%。</blockquote>S&amp;P 500 companies can afford to pay more to investors. Apple is only paying out 22% of earnings as a dividend (prior to its latest dividend hike).IBD Long-Term Leader Microsoftyields just 0.9% and pays out less than 30% of profit. And Alphabet, the No. 2 richest S&amp;P 500 company andLeaderboard member, pays no dividend at all. Should youbuy Alphabet stock now?<blockquote>标普500公司有能力向投资者支付更多费用。苹果仅支付收益的22%作为股息（在最近一次股息上调之前）。IBD长期领导者微软的收益率仅为0.9%，支付的利润不到30%。标普500第二富有的公司和排行榜成员Alphabet根本不支付股息。您现在应该购买Alphabet股票吗？</blockquote>When will S&amp;P 500 investors demand to get their cash?<blockquote>标普500投资者什么时候会要求拿到现金？</blockquote>","source":"lsy1610449120050","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple's Got A $204 Billion 'Problem' That's Costing It A Fortune<blockquote>苹果面临2040亿美元的“问题”，让其损失惨重</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple's Got A $204 Billion 'Problem' That's Costing It A Fortune<blockquote>苹果面临2040亿美元的“问题”，让其损失惨重</blockquote>\n</h2>\n<h4 class=\"meta\">\n\ninvestors2021-04-30 09:27\n\n</h4>\n</header>\n<article>\nNot only didApple(AAPL)smash first-quarter profit forecasts, it just broke past another S&amp;P 500 threshold: cash. The problem is the company can't get rid of it fast enough — which is costing investors.<blockquote>不仅苹果（AAPL）打破了第一季度利润预期，它刚刚突破了标普500的另一个门槛：现金。问题是该公司无法足够快地摆脱它——这让投资者付出了代价。</blockquote>The tech sector giant ended the three months ended in March 2021 with cash and investments of $204 billion. That's up nearly 5% in a month and keeps Apple No. 1, by far, in the S&amp;P 500 in terms of cash on hand. Google parentAlphabet(GOOGL) in the communications services sector is a distant No. 2 with $160 billion in cash and investments. AndMicrosoft(MSFT) comes in third with $130 billion, says an Investor's Business Daily analysis of data from S&amp;P Global Market Intelligence andMarketSmith, excluding the financial sector.<blockquote>截至2021年3月的三个月，这家科技行业巨头拥有2040亿美元的现金和投资。这一数字在一个月内增长了近5%，使苹果在手头现金方面迄今为止在标普500排名第一。谷歌母公司Alphabet（GOOGL）在通信服务领域遥遥领先，拥有1600亿美元的现金和投资。和微软《投资者商业日报》对标准普尔全球市场情报和MarketSmith（不包括金融行业）数据的分析显示，(MSFT)以1300亿美元排名第三。</blockquote>Apple's cash pile continues to accumulate, despite aggressive efforts to get rid of it. Talk about a good, but costly, problem to have.<blockquote>尽管苹果积极努力摆脱现金，但其现金储备仍在继续积累。谈论一个好的，但代价高昂的问题。</blockquote>Mounting Piles Of Cash<blockquote>越来越多的现金</blockquote>Mounting cash piles at S&amp;P 500 companies aregetting more attention.<blockquote>标普500公司不断增加的现金储备引起了更多关注。</blockquote>Companies stockpiling cash wasfine with investorsduring the uncertainty of the pandemic. But now, cries for higher dividends and stock buybacks are getting louder. Excluding financials, S&amp;P 500 companies' cash and investments is up this year to more than $2.7 trillion.<blockquote>在疫情的不确定性期间，储备现金的公司对投资者来说很好。但现在，要求提高股息和股票回购的呼声越来越高。不包括金融股，标普500公司的现金和投资今年已增至超过2.7万亿美元。</blockquote>\"I would expect to see additional (dividend) initiations from (companies) that previously suspended, and increases from some that reduced their rate, dependent on how the economy reacts to the vaccine progress, any new developments with respect to the virus spread and mutants, and any consumer spending reactions,\" said Howard Silverblatt, index strategist at S&amp;P Dow Jones Indices.<blockquote>“我预计之前暂停的（公司）会增加（股息），而一些降低股息率的公司会增加股息，这取决于经济对疫苗进展的反应、病毒传播和突变体方面的任何新进展，以及任何消费者支出反应，”标准普尔道琼斯指数指数策略师霍华德·西尔弗布拉特(Howard Silverblatt)表示。</blockquote>Apple's cash pile is impressive. But it's a costly luxury.<blockquote>苹果的现金储备令人印象深刻。但这是一种昂贵的奢侈品。</blockquote>It ended the March quarter with $38.5 billion in cash, $31.4 billion in short-term marketable securities and $134.5 billion in long-term marketable securities. Marketable securities are investments that can be quickly and easily turned into cash. A bulk of Apple's marketable securities are held in U.S. Treasuries.<blockquote>截至3月份季度末，该公司拥有385亿美元现金、314亿美元短期有价证券和1,345亿美元长期有价证券。有价证券是可以快速轻松地转化为现金的投资。苹果的大部分有价证券都持有美国国债。</blockquote>That's enough to give all 328 million men, women and children in the U.S. $623 apiece.<blockquote>这足以为美国3.28亿男女老少每人提供623美元。</blockquote>And that's the criticism. Cash and Treasuries are a bad place to be now. The yield on the 10-Year Treasury is just 1.62%. That's half what it was in 2018.<blockquote>这就是批评。现金和国债现在不是一个好地方。10年期国债收益率仅为1.62%。这是2018年的一半。</blockquote>Apple's cash and investments first topped $200 billion in the fiscal year ended in September 2015. Since then it has aggressively tried to dispense of it. Apple announced plans this week for billions in capital expenditures. It's also raising its stock buyback program by $90 billion. Additionally, it hiked its quarterly dividend by 7% to 22 cents a share. That means Apple yields more than 0.6%, in an sector not known for ahigh yield.<blockquote>截至2015年9月的财年，苹果的现金和投资首次突破2000亿美元。从那时起，它就积极地试图摆脱它。苹果本周宣布了数十亿美元的资本支出计划。它还将股票回购计划提高了900亿美元。此外，该公司还将季度股息提高了7%，达到每股22美分。这意味着苹果的收益率超过0.6%，而这个行业并不以高收益率而闻名。</blockquote>The yield on the Technology Select Sector SPDR ETF (XLK) is 0.8%. That's well below the 1.4% dividend yield of the SPDR S&amp;P 500 (SPY).<blockquote>科技精选行业SPDR ETF(XLK)的收益率为0.8%。这远低于SPDR标普500（SPDR标普500指数ETF）1.4%的股息收益率。</blockquote>What All That Cash Is Costing Apple<blockquote>苹果花了多少钱</blockquote>Apple continues to print money faster than it can get rid of it. But the opportunity cost of holding so much cash is staggeringly large. A 1.62% yield on $204 billion is just $3.3 billion a year.<blockquote>苹果继续印钞的速度超过了它摆脱钞票的速度。但持有如此多现金的机会成本大得惊人。2040亿美元的收益率为1.62%，每年仅为33亿美元。</blockquote>Putting that massive amount of money to better use could be highly profitable. That same money invested in Apple's own stock a year ago would have resulted in a gain of $174 billion. Just getting an S&amp;P 500-like long-term return equals $20 billion annually.<blockquote>更好地利用这笔巨额资金可能会带来丰厚的利润。一年前，同样的资金投资于苹果自己的股票将带来1740亿美元的收益。仅获得标普500式的长期回报就相当于每年200亿美元。</blockquote>So by holding hundreds of billions, Apple investors are losing out on billions. Whatshould you look at before buying Apple stock?<blockquote>因此，通过持有数千亿美元，苹果投资者损失了数十亿美元。购买苹果股票之前您应该考虑什么？</blockquote>What To Do With All That Cash?<blockquote>这些钱怎么办？</blockquote>S&amp;P 500 nonfinancial companies are sitting on a record $1.9 trillion in cash alone (excluding investments), says S&amp;P Global Market Intelligence.<blockquote>标准普尔全球市场情报表示，仅标普500非金融公司就坐拥创纪录的1.9万亿美元现金（不包括投资）。</blockquote>Dividends are rising. Investors are also prepping for a big jump in buybacks, too. S&amp;P 500 companies spent $130.6 billion buying back their shares in the fourth quarter of 2020, says S&amp;P Global Market Intelligence. That's up from a recent low of $88.7 billion in the second quarter. Companies are also borrowing less. U.S. companies issued just $192.3 billion in debt in March, down 26% from the same year-ago period.<blockquote>股息正在上升。投资者也在为回购大幅增加做准备。标准普尔全球市场情报称，标普500公司在2020年第四季度斥资1306亿美元回购股票。这高于第二季度887亿美元的近期低点。公司的借贷也在减少。美国公司3月份仅发行了1923亿美元的债务，比去年同期下降了26%。</blockquote>S&amp;P 500 companies can afford to pay more to investors. Apple is only paying out 22% of earnings as a dividend (prior to its latest dividend hike).IBD Long-Term Leader Microsoftyields just 0.9% and pays out less than 30% of profit. And Alphabet, the No. 2 richest S&amp;P 500 company andLeaderboard member, pays no dividend at all. Should youbuy Alphabet stock now?<blockquote>标普500公司有能力向投资者支付更多费用。苹果仅支付收益的22%作为股息（在最近一次股息上调之前）。IBD长期领导者微软的收益率仅为0.9%，支付的利润不到30%。标普500第二富有的公司和排行榜成员Alphabet根本不支付股息。您现在应该购买Alphabet股票吗？</blockquote>When will S&amp;P 500 investors demand to get their cash?<blockquote>标普500投资者什么时候会要求拿到现金？</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.investors.com/etfs-and-funds/sectors/sp500-every-american-apple-has-more-cash-than-anyone/?src=A00220\">investors</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.investors.com/etfs-and-funds/sectors/sp500-every-american-apple-has-more-cash-than-anyone/?src=A00220","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169468350","content_text":"Not only didApple(AAPL)smash first-quarter profit forecasts, it just broke past another S&P 500 threshold: cash. The problem is the company can't get rid of it fast enough — which is costing investors.The tech sector giant ended the three months ended in March 2021 with cash and investments of $204 billion. That's up nearly 5% in a month and keeps Apple No. 1, by far, in the S&P 500 in terms of cash on hand. Google parentAlphabet(GOOGL) in the communications services sector is a distant No. 2 with $160 billion in cash and investments. AndMicrosoft(MSFT) comes in third with $130 billion, says an Investor's Business Daily analysis of data from S&P Global Market Intelligence andMarketSmith, excluding the financial sector.Apple's cash pile continues to accumulate, despite aggressive efforts to get rid of it. Talk about a good, but costly, problem to have.Mounting Piles Of CashMounting cash piles at S&P 500 companies aregetting more attention.Companies stockpiling cash wasfine with investorsduring the uncertainty of the pandemic. But now, cries for higher dividends and stock buybacks are getting louder. Excluding financials, S&P 500 companies' cash and investments is up this year to more than $2.7 trillion.\"I would expect to see additional (dividend) initiations from (companies) that previously suspended, and increases from some that reduced their rate, dependent on how the economy reacts to the vaccine progress, any new developments with respect to the virus spread and mutants, and any consumer spending reactions,\" said Howard Silverblatt, index strategist at S&P Dow Jones Indices.Apple's cash pile is impressive. But it's a costly luxury.It ended the March quarter with $38.5 billion in cash, $31.4 billion in short-term marketable securities and $134.5 billion in long-term marketable securities. Marketable securities are investments that can be quickly and easily turned into cash. A bulk of Apple's marketable securities are held in U.S. Treasuries.That's enough to give all 328 million men, women and children in the U.S. $623 apiece.And that's the criticism. Cash and Treasuries are a bad place to be now. The yield on the 10-Year Treasury is just 1.62%. That's half what it was in 2018.Apple's cash and investments first topped $200 billion in the fiscal year ended in September 2015. Since then it has aggressively tried to dispense of it. Apple announced plans this week for billions in capital expenditures. It's also raising its stock buyback program by $90 billion. Additionally, it hiked its quarterly dividend by 7% to 22 cents a share. That means Apple yields more than 0.6%, in an sector not known for ahigh yield.The yield on the Technology Select Sector SPDR ETF (XLK) is 0.8%. That's well below the 1.4% dividend yield of the SPDR S&P 500 (SPY).What All That Cash Is Costing AppleApple continues to print money faster than it can get rid of it. But the opportunity cost of holding so much cash is staggeringly large. A 1.62% yield on $204 billion is just $3.3 billion a year.Putting that massive amount of money to better use could be highly profitable. That same money invested in Apple's own stock a year ago would have resulted in a gain of $174 billion. Just getting an S&P 500-like long-term return equals $20 billion annually.So by holding hundreds of billions, Apple investors are losing out on billions. Whatshould you look at before buying Apple stock?What To Do With All That Cash?S&P 500 nonfinancial companies are sitting on a record $1.9 trillion in cash alone (excluding investments), says S&P Global Market Intelligence.Dividends are rising. Investors are also prepping for a big jump in buybacks, too. S&P 500 companies spent $130.6 billion buying back their shares in the fourth quarter of 2020, says S&P Global Market Intelligence. That's up from a recent low of $88.7 billion in the second quarter. Companies are also borrowing less. U.S. companies issued just $192.3 billion in debt in March, down 26% from the same year-ago period.S&P 500 companies can afford to pay more to investors. Apple is only paying out 22% of earnings as a dividend (prior to its latest dividend hike).IBD Long-Term Leader Microsoftyields just 0.9% and pays out less than 30% of profit. And Alphabet, the No. 2 richest S&P 500 company andLeaderboard member, pays no dividend at all. Should youbuy Alphabet stock now?When will S&P 500 investors demand to get their cash?","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":533,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/103398773"}