With Apple now exceeding US$1 trillion (S$1.36 trillion) in market capitalisation, it's tempting to understand this moment in terms of the dominance of all-too-large firms and technology in our lives.
Those interpretations obscure Apple's other accomplishment - pioneering a financial model that is the envy of corporate America. Sure, Apple produces innovative phones and laptops, but look inside its sleek exterior and you'll find an elegant financial machine that has become the ideal for corporate America. Without investing significantly in hard assets, Apple spins cash and returns it to shareholders at a stunning rate. It's difficult not to admire.
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