no, it’s ultimately because he’s conservative and relatively unambitious, or short sighted perhaps. there are opportunities for USD investments all over the world, a large number of Chinese loans to African countries/firms are USD-denominated, and i feel the same about AAPL and anybody else who’s banking $100s of billions in cash. it’s one of the most selfish things to do, money in and of itself is completely unproductive, and the fact that USD does indeed have value in the global economy means that an equivalent value of USD is not circulating the economy and thus represents capital providing zero return, zero output. very very bad. this is why AAPL is a $300 stock and AMZN is a $2000 stock, they have completely different approaches regarding capex.