Who writes this shit?

Securities are fungible with cash. What, did this ninny think Apple had a huge pile of gold and dollar bills sitting in a vault somewhere Scrooge McDuck style that Tim Cook swims around in from time to time?

This is a financial journalist, apparently. Or what passes for one. And yet somehow has no idea about fungibility, how corporations finance ongoing operations (yep, even if they have a lot of “cash!”) or really how anything in that realm works.

Other than the should-be-illegal stashing money overseas to avoid taxes, a company like Apple is engaging in a few different tactics — with its reserves, it’s making more somewhere than it’s paying out on its own bonds. And it can smooth out various expenditures by funding ongoing operations with bond sales (as well as other advantages).

I’m constantly surprised by what I read on various sites where you think you’d find expertise. You just don’t.

And when interest rates are ridiculously low it absolutely makes sense to borrow a lot of money while keeping cash elsewhere in other securities.

This whole article is a storehouse of fail.