>By choosing big annual buybacks over larger dividends, Apple keeps things flexible—it’s like having an option open rather than committing to ongoing payments that don’t respond to how well the business does each year.
Yeah, it's momentum then. Apple is the first company to be valued at >1 trillion. If they fell sufficiently below that, this would not be a sustainable strategy whatsoever. This is something that would not work for a smaller or more volatile company, period.