Wilbur Ross: Apple is ‘Silly’ With Excess Cash
Billionaire investor Wilbur Ross recently shared his views on Apple (NASDAQ:AAPL) during an appearance on CNBC’s ”Fast Money” show. After noting that both Carl Icahn and Legg Mason’s Bill Miller recently called Apple a “no-brainer” investment, “Fast Money” host Melissa Lee asked Ross for his opinion on Apple stock.
“I’m not absolutely sure that no-brainer trades exist. I have a tough time finding no-brainer trades. There’s usually a reason why somebody’s on the other side,” stated Ross. Although Ross said he wasn’t “intimate enough with the company” to know exactly what it should do with its large cash reserves, he did think Apple “should do something with the excess cash.”
“I do think it’s a little silly to sit with that much cash,” said Ross. “And I recognize a fair amount of it is overseas and there’s a whole tax problem with bringing it back. But surely they can find some clever way around it.”