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However, the implied yield of 1.77% is miserable pile of cash from Apple continue to grow given the speed at which money is rolling in the

still would not buy Apple shares for income. $ 10 billion (£ 6.3 billion) as the world's largest company intends to distribute each year sounds impressive, but the current price of about $ 600, the dividend yield is 1.77% implied, pretty miserable. In fact, do not be blinded by $ 10 billion. Vodafone will pay a little more (£ 6.7 billion) this year, but with the help of a £ 2,000,000,000 "special" contribution payments from Verizon Wireless, the U.S. mobile phone company that owns 45%.

The extraordinary thing is how Apple got away for so long without having to pay a dividend. Or at least, is incredible in the eyes of the United Kingdom. In the UK, clinging to cash unnecessarily shareholders is almost considered an act of treason. If companies are spoiled for choice, your duty is clear - the hand on the pole so that owners can decide where to invest their profits. This is called discipline in the negotiations.

U.S. companies and U.S. technology companies in particular are different. Rainy day cash reserves are tolerated because the companies, there are two freedoms: first, invest in research, regardless of the down cycle of the product. And secondly, the firepower to make acquisitions of large

Now that the CEO, Tim Cook, has accepted the principle, should be prepared for a fight a year above the level of payments. He seemed to anticipate that by stating that $ 45 billion (including a redemption of $ 10 billion) spent over three years. Implication: do not expect a big jump in annual dividends. Wait a minute, however, indicated that the rate of Apple's cash pile will be increasing, not decreasing, given the rate at which money flows from new cases, and so is the new policy is still with $ 100 billion in the bank? Always look like an embarrassment of riches too.