It's Thursday, October 9th. Welcome to Market Foolery. I'm Chris Hill joining me in studio today. A million dollar portfolio and MDP deep value. Ron Gross, how you doing? I'm good man. Thank you for once again returning. Oh it's a pleasure to be here. It's a rare occasion we get

wrong. Whatever I can fit it in I'm happy to do so. Well, we got stuff that's right up your alley.

So that's why I wanted you in the studio today.

We'll talk, Costco, which I know is one of your favorite companies.

We'll dip into the full mail bag.

Let's start, with Apple and Carl ICON, the billionaire activist investor,

with his dear Tim letter, his open letter.

God forbid he would ever do anything like this in private.

Yeah.

Maybe set up a meeting, take Tim to lunch.

No, that's not Carl Icon style.

Now, and it's not like he's waging a proxy contest or he has a 13d filing where he has to make these things public he's he's using the media to his benefit and he makes some interesting

I mean I guess the headline of the letter is take that

133 billion dollars you've got in cash on the balance sheet and start buying back stock and the phrase the pays is in terms of shares is a lot more and sooner.

And then he goes on to make the case for why this is a stock that he believes is worth $200 a share as opposed to the 100 or 101.

Right.

Okay, so let's take those two things, one at a time.

Apple obviously is in the process of returning.

Quite a bit of money.

70 billion and going up over the last couple of returning capital to shareholders, which was Carl icon's

suggestion for a while now. He just wants more, as you said, and he thinks they should do it

through a tender offer. he doesn't get into specifics

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