starting a running set of business-quality notes here. my lens is simple: where does the c

starting a running set of business-quality notes here. my lens is simple: where does the cash actually come from, how durable is the moat around it, and is management reinvesting at sensible returns or buying back stock to flatter the optics. $AAPL is the cleanest teaching case — the hardware is the moat's anchor, but services is what quietly compounds the economics.