{"id":32170,"date":"2024-12-16T23:56:00","date_gmt":"2024-12-16T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/us\/?p=32170"},"modified":"2026-04-17T12:47:16","modified_gmt":"2026-04-17T04:47:16","slug":"capital-alchemy-repurchase","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/us\/2024\/12\/16\/capital-alchemy-repurchase\/","title":{"rendered":"Apple&#8217;s multiple LT compound capital alchemy is repurchase, 41.9% shares reduced in 12 years"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/12\/16\/capital-alchemy-repurchase\/#Share_repurchase_in_my_books\" >Share repurchase in my books<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/12\/16\/capital-alchemy-repurchase\/#Three_indicators_of_Apple_in_past_12_years\" >Three indicators of Apple in past 12 years<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/12\/16\/capital-alchemy-repurchase\/#Number_of_shares_outstanding\" >Number of shares outstanding<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/12\/16\/capital-alchemy-repurchase\/#Net_profit_growth_trend\" >Net profit growth trend<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/12\/16\/capital-alchemy-repurchase\/#Revenue_growth_trend\" >Revenue growth trend<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/12\/16\/capital-alchemy-repurchase\/#Reasons_behind_Apple_is_poplular_among_Wall_Street\" >Reasons behind Apple is poplular among Wall Street<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/12\/16\/capital-alchemy-repurchase\/#Criticisms_of_Apple_from_general_public\" >Criticisms of Apple from general public<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/12\/16\/capital-alchemy-repurchase\/#Why_do_smart_people_do_the_opposite\" >Why do smart people do the opposite?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/12\/16\/capital-alchemy-repurchase\/#Where_do_LT_multiple_profits_come_from\" >Where do LT multiple profits come from?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/12\/16\/capital-alchemy-repurchase\/#The_complicated_factors_driving_Apples_stock_price\" >The complicated factors driving Apple&#8217;s stock price<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/12\/16\/capital-alchemy-repurchase\/#The_most_successful_capital_alchemy\" >The most successful capital alchemy<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/12\/16\/capital-alchemy-repurchase\/#Closing_words\" >Closing words<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/12\/16\/capital-alchemy-repurchase\/#Related_articles\" >Related articles<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Share_repurchase_in_my_books\"><\/span>Share repurchase in my books<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>I suggest that friends read the last 5-6 sections of the book &#8220;<a href=\"https:\/\/www.books.com.tw\/products\/0010889106?sloc=main\" target=\"_blank\" rel=\"noreferrer noopener\">The Rules of Super Growth Stocks Investing<\/a>&#8221; and the last 6-7 sections of the book &#8220;<a href=\"https:\/\/www.books.com.tw\/products\/0010935641?sloc=main\" target=\"_blank\" rel=\"noreferrer noopener\">The Rules of 10 Baggers<\/a>&#8221; about stock repurchases, and then come back Read this article again, it will be helpful to everyone.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Three_indicators_of_Apple_in_past_12_years\"><\/span>Three indicators of Apple in past 12 years<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Number_of_shares_outstanding\"><\/span>Number of shares outstanding<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>At the end of December 2012, Apple had a total of 26.522 billion shares outstanding; by the end of September 2024, it had been reduced to 15.408 billion shares. Over the past nearly 12 years, Apple&#8217;s outstanding shares have decreased by a full 41.9%! (See Figure 1 below) Excluding inflation or exchange rates, this means that over the past 12 years, Apple&#8217;s earnings per share have automatically increased from 1 yuan to 1.721 yuan (1\/(1-0.419). Please note that this number does not look What do you think? Big numbers are deceiving!<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"462\" height=\"210\" src=\"https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2024\/12\/Appl_Shares-Custom.jpg\" alt=\"Apple's outstanding shares over the past 12 years\" class=\"wp-image-32185\" srcset=\"https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2024\/12\/Appl_Shares-Custom.jpg 462w, https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2024\/12\/Appl_Shares-Custom-300x136.jpg 300w\" sizes=\"auto, (max-width: 462px) 85vw, 462px\" \/><\/figure>\n\n\n\n<p>Figure 1: Apple&#8217;s outstanding shares over the past 12 years (from macrotrends.net)<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Net_profit_growth_trend\"><\/span>Net profit growth trend<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Apple&#8217;s net profit in 2012 was $41.73 billion, and in 2024 it was $93.74 billion, a total growth of 124.63%, with a compound annual growth rate of 6.98% (see Figure 2)<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"457\" height=\"141\" src=\"https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2024\/12\/Appl_net_income-Custom.jpg\" alt=\"Apple's net profit growth trend over the past 12 years\" class=\"wp-image-32182\" srcset=\"https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2024\/12\/Appl_net_income-Custom.jpg 457w, https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2024\/12\/Appl_net_income-Custom-300x93.jpg 300w\" sizes=\"auto, (max-width: 457px) 85vw, 457px\" \/><\/figure>\n\n\n\n<p>Figure 2: Apple&#8217;s net profit growth trend over the past 12 years (from macrotrends.net)<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Revenue_growth_trend\"><\/span>Revenue growth trend<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In 2012, Apple&#8217;s revenue was US$164.68 billion; in 2024, Apple&#8217;s total revenue will be approximately US$391 billion, a total growth of 137.43%, with a compound annual growth rate of 7.47% (see Figure 3)<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"459\" height=\"143\" src=\"https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2024\/12\/Appl_revenue-Custom.jpg\" alt=\"Apple's revenue growth trend over the past 12 years\" class=\"wp-image-32180\" srcset=\"https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2024\/12\/Appl_revenue-Custom.jpg 459w, https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2024\/12\/Appl_revenue-Custom-300x93.jpg 300w\" sizes=\"auto, (max-width: 459px) 85vw, 459px\" \/><\/figure>\n\n\n\n<p>Figure 3: Apple&#8217;s revenue growth trend over the past 12 years (from macrotrends.net)<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Reasons_behind_Apple_is_poplular_among_Wall_Street\"><\/span>Reasons behind Apple is poplular among Wall Street<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Criticisms_of_Apple_from_general_public\"><\/span>Criticisms of Apple from general public<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Many investors questioned the lack of innovation in Apple products in recent years. The annual revenue growth rate is even in the single digits, which is worse than many traditional industries. It is really unworthy of the title of the world&#8217;s largest listed company by market value. They are even more puzzled as to why Apple The company&#8217;s stock price still rises sharply every year, which is really unreasonable.<\/p>\n\n\n\n<p>The opinions of general public, especially the retail investors, vary from person to person.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_do_smart_people_do_the_opposite\"><\/span>Why do smart people do the opposite?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>However, have you ever thought about it? Why do Wall Street and large fund investors, who include the world&#8217;s most savvy investors, still love Apple&#8217;s stock? Apple&#8217;s aggressiveness in stock buybacks is not the only reason (I&#8217;ll talk about other reasons later), but it is definitely the most important reason.<\/p>\n\n\n\n<p>For a company with mature and stable business and popular products, after buying it, just sit still and hold it for a long time, even if the company&#8217;s profits stagnate, Over the past 12 years, the proportion of investors&#8217; total Apple shares&#8217; equity has increased by 1.721 times, on the surface. You can automatically enjoy an annualized return on investment of 4.58% on earnings per share (Is 4.58% too small ? Of course there are other more surprising benefits, which I will discuss later). Of course, it is one of the favorite investment targets of large funds, Wall Street, and pension funds.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Where_do_LT_multiple_profits_come_from\"><\/span>Where do LT multiple profits come from?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_complicated_factors_driving_Apples_stock_price\"><\/span>The complicated factors driving Apple&#8217;s stock price<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Please note that the previous figures are based solely on the assumption that Apple does not make any progress, with neither net profit nor revenue increasing in the past 12 years. But the reality is of course not like this. In fact, the following factors must be taken into account:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Net profit growth: Apple&#8217;s net profit was $41.73 billion in 2012 and $93.74 billion in 2024, a total growth of 124.63% and a compound annual growth rate of 6.98% (see Figure 2)<\/li>\n\n\n\n<li>Revenue growth: In 2012, Apple&#8217;s revenue was $164.68 billion; in 2024, Apple&#8217;s total revenue will be approximately $391 billion, a total growth of 137.43%, with a compound annual growth rate of 7.47% (see Figure 3)<\/li>\n\n\n\n<li>Cash dividends: During the 12-year period, each share received a total dividend of 37.76, and the dividend will be increased every year.<\/li>\n\n\n\n<li>Stock splits: 4-for-1 split in August 2020 and 7-for-1 split in June 2014, which would result in an investor holding 28 shares for every 1 share they hold.<\/li>\n\n\n\n<li>Capital gains on share price: Over the 12-year period, the share price increased by 1,234%<\/li>\n\n\n\n<li>Don&#8217;t forget the most important thing: the &#8220;percentage&#8221; of Apple&#8217;s total outstanding shares held by long-term holders of Apple&#8217;s stock will automatically increase due to stock repurchases. The proportion of Apple shares held has actually &#8220;automatically&#8221; become 1.721 times.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_most_successful_capital_alchemy\"><\/span>The most successful capital alchemy <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>I won\u2019t calculate the results for you\u2500I can only tell you that the multiplication effect of \u201clong-term \u2018multiple profits\u2019\u201d is very amazing, which also explains Apple\u2019s amazing capital Alchemy; and it is still in progress!<\/p>\n\n\n\n<p><strong><em>Assuming that the number of Apple shares you held 12 years ago accounted for 0.00001% of Apple&#8217;s total outstanding shares, 12 years later, the number of Apple outstanding shares you hold will automatically account for 0.00001721% of Apple&#8217;s total shares! (Note that your total shareholder equity would be multiplied by 1.721 in this case; in contrast, common stock splits have no effect on shareholder equity at all.<\/em><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Closing_words\"><\/span>Closing words<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The case of Apple is one of the greatest repurchase and capital alchemy in human history.<\/p>\n\n\n\n<p>An investor invested 1 dollar 12 years ago, which would now become 13.34 dollars after 12 years of investment; the annualized rate of return (IRR) during the investment period is 24.1%. This is Apple\u2019s long-term, multiple-return capital alchemy! <\/p>\n\n\n\n<p>Most investors do not understand the truth, are unwilling to spend time to conduct in-depth research on the complicated factors behind the capital market, do not want to invest for the long term, and what is worse is that they just follow the crowd.<\/p>\n\n\n\n<p>The crux of all the problems is, as I quoted in the preface of the book &#8220;<a href=\"https:\/\/www.books.com.tw\/products\/0010889106?sloc=main\" target=\"_blank\" rel=\"noreferrer noopener\">The Rules of Super Growth Stocks Investing<\/a>&#8220;: Buffett told Bezos the famous saying &#8220;Because no one wants to get rich slowly.&#8221;<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"154\" height=\"90\" src=\"https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2024\/12\/lT_conpound_interest-Custom.jpg\" alt=\"Repurchase and capital alchemy\" class=\"wp-image-32188\"\/><figcaption class=\"wp-element-caption\">credit: Ideogram<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"block-9d402b81-75c9-41fa-9a2d-6be1252e074e\"><span class=\"ez-toc-section\" id=\"Related_articles\"><\/span>Related articles<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2026\/04\/16\/history-apple-stock-made\/\">The history Apple stock made<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/08\/12\/apple-tariff-crisis\/\">Apple&#8217;s Crisis Part 1: Apple Tariff Crisis Management Strategy Offers a Lesson for Business<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/09\/06\/apples-ai-lagging-behind\/\">Apple&#8217;s Crisis Part 2: Apple&#8217;s AI is seriously lagging behind<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/10\/20\/china-to-apple\/\">Apple&#8217;s Crisis Part 3: How important is China to Apple?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/08\/10\/apple-top-three-crises\/\">Apple top three crises since its founding<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/12\/16\/capital-alchemy-repurchase\/\">Apple&#8217;s multiple LT compound capital alchemy is repurchase, 41.9% shares reduced in 12 years<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/05\/21\/apples-experience-in-cash\/\">The importance of cash, Apple\u2019s experience in using cash<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/12\/18\/apple-repurchase\/\">Apple repurchase, Nvidia capital operation, Tesla, AI bubble, Willow quantum chip, this blog turns off comments<\/a><\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/06\/16\/gm-capital-operations\/\" target=\"_blank\" rel=\"noreferrer noopener\">Capital operations are the root cause General Motors\u2019 30% rise so far this year<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/03\/22\/share-repurchase\/\" target=\"_blank\" rel=\"noreferrer noopener\">Share repurchase keep share price  underpinned<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/08\/01\/buffetts-view-on-share-repurchase\/\" target=\"_blank\" rel=\"noreferrer noopener\">Buffett&#8217;s view on share repurchase<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/04\/27\/buffett-portfolio\/\" target=\"_blank\" rel=\"noreferrer noopener\">The commonalities of Buffett portfolio \u2013 cheap, fixed income, repurchase<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/12\/27\/inflation-reduction-act\/\">The impact of the Inflation Reduction Act on US stocks<\/a>&#8220;<\/li>\n<\/ul>\n\n\n\n<p><em><strong>Disclaimer<\/strong><\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>The content of this site is the author\u2019s personal opinions and is for reference only. I am not responsible for the correctness, opinions, and immediacy of the content and information of the article. Readers must make their own judgments.<\/em><\/li>\n\n\n\n<li><em>I shall not be liable for any damages or other legal liabilities for the direct or indirect losses caused by the readers&#8217; direct or indirect reliance on and reference to the information on this site, or all the responsibilities arising therefrom, as a result of any investment behavior.<\/em><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>One of the greatest repurchase and capital alchemy in human history, over the past nearly 12 years, Apple&#8217;s outstanding shares have decreased by 41.9%! 12 years after investing in Apple, the annualized rate of return (IRR) during the investment period is 24.1%. Note that your total shareholder equity would be multiplied by 1.721 in this case; in contrast, common stock splits have no effect on shareholder equity at all.<\/p>\n","protected":false},"author":1,"featured_media":32188,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[164,1151,1305,1412,35],"tags":[2],"class_list":["post-32170","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-repurchase","category-compound-interest","category-diversified-conglomerate-group","category-investment-return","category-long-term-investing","tag-aapl"],"_links":{"self":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/32170","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/comments?post=32170"}],"version-history":[{"count":36,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/32170\/revisions"}],"predecessor-version":[{"id":41708,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/32170\/revisions\/41708"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/media\/32188"}],"wp:attachment":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/media?parent=32170"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/categories?post=32170"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/tags?post=32170"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}