The World's Biggest "Hedge Fund", $30 Billion Bigger Than Bridgewater, Remains Mysterious As Ever | Zero Hedge: "Another reason why some may want to know just what debt AAPL is buying: in a bond market as illiquid as the one right now, should AAPL be forced to dump any of its billions in TSYs, IG, Junk paper (say because rates are rising) just what will happen to the market price in what is generally quite a bidless market?
Recall that the only reason why Bill Gross' departure and subsequent surge in redemptions from Pimco's Total Return Fund did not roil the market - as so many expected - is because as we learned laer, PIMCO sold from itself... to itself.
Which leads us to another question: just what is the fair value of AAPL's "cash" if and when the company is actually converting it to real cash, and/or the bond market locks up due to the creeping wave of illiquidity, as so many increasingly fear.
And why is all this taking place in Reno, NV instead of Park Avenue or Wall Street? Because as we reported three years ago, Apple "uses Braeburn primarily in its capacity to find legal tax loophole all around the world and avoid paying taxes" and Nevada is perhaps the best state in the US where one can do just that."
'via Blog this'
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