?????即便是蘋果公司自己也不知道未來幾年公司股價將處于什么水平，米蘭諾認為，蘋果的100億美元回購計劃并不明智。他認為，應用一次性特殊股息代替回購。如果蘋果用980億美元現金儲備中的一半來向股東派息，每股派息將達53.60美元。（別忘了，今年第一季度蘋果已經實現自由現金流160億美元，可見其現金儲備還在繼續增長。）

????最重要的是，米蘭諾認為，一次性派息可消除股票回購價格過高的風險，同時讓現有股東獲得即時回報，卻無需承擔股市漲跌的風險。

????“如果我是他們，我會完全剔除價格因素，”米蘭諾稱?！盎刭徲悬c復雜——只在未來股價上漲時，回購才有意義。但股價是否會上漲，沒人能提前預知。”

????蘋果公司歷來卓爾不群，這次卻走了股票回購的老路。如果計劃失敗，股東們將蒙受損失。

????譯者：早稻米

????Because not even Apple can know at which prices its shares will trade in the coming years, Milano thinks Apple's $10 billion buyback is misguided. Instead, he called for a special one-time dividend in lieu of buybacks. That could be a $53.60 dividend per share if Apple paid out just half of its $98 billion cash hoard to shareholders. (Remember, Apple recorded $16 billion in free cash flow in the first quarter, so the cash coffers are still growing.)

????Most importantly, a one-time dividend would eliminate the risk of paying too much for shares, Milano argues. It would also reward current shareholders without exposing them to the stock market's vicissitudes.

????"If I were them, I would have taken the price element out of it completely," says Milano. "Buybacks are a little tricky—they only make sense if share price goes up. But you have no idea if it will beforehand."

????Apple is an extraordinary company. But it went with convention on buybacks, leaving shareholders to suffer if its plan doesn't pay off.