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We always say we love companies that are serial repurchasers of their stocks.

That’s because as outstanding share counts go down, investors don’t have to do anything to get baked-in returns and own larger and larger pieces of the companies.

Apple‘s latest $110 billion stock buyback authorization is the granddaddy of them all — the biggest in corporate history. Apple has a long history of huge repurchase plans. Assuming an average annual $100 billion buyback by the Club name going forward, we wanted to look at just how much that is worth to shareholders.

But first, let’s set the table.

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