In 500 words or less make the financial case for Apple buybacks over dividends -- or vice versa.
Tello, who this week won (again) the Apple 3.0 Earnings Smackdown contest, is offering his Smackdown prize to whomever, as he put it,
offers the most compelling fact-based argument for the benefits to investors of Apple returning capital through buybacks or dividends, under the assumption that the shares are undervalued or even fairly valued.
Submissions should be sent to firstname.lastname@example.org with "Tello" in the subject line. I will forward them to Daniel, who will judge the essays and choose the winner. The prize -- a one-year ($200) subscription to Apple 3.0 -- will be announced before the end of May.