Carl Icahn's Letter to Apple
Carl Icahn, the famous activist investor, has written an open letter to Apple's Tim Cook encouraging him to increase share buybacks and return cash to shareholders. The full text of the letter is available here. Icahn believes that the market is undervaluing Apple's future growth potential - he seems very excited by the iPhone 6. Given Apple's huge cash pile, it makes sense for it to repurchase shares which are significantly undervalued. An FT Lex video on the Icahn letter is below.