If Apple had never started its dividend and stock buyback plan, its cash balances would now be $330 billion. In my view, the whole plan has been a waste of effort that's led to a 13% increase in the stock price since Sept. 2012. Apple should have spent its money on doing a lot of M&A and the stock would be much higher. The only reason they haven't? They worry about getting tied up in government anti-trust red-tape.