Apple has spent $150 billion on stock buybacks and $50 billion on dividends since starting the capital return program in 2012. They've also tacked on $100 billion in debt that needs to be repaid down the road. They'd have been better off buying Facebook, Netflix or Instagram. Google hasn't minded taking big swings at YouTube, Android, or DoubleClick over the years - and it's reshaped the company. Eric outlines why Apple needs to face its big M&A blind spot.