Perhaps. But Apple understands its/our key advantage: there are no called strikes. Cash compounds. And there are far worse fates than having too much money. Technologies are expensive—and the real advantage often lies not in owning them, but in deciding when—and whether—to use them. Smart societies, and smart corporations, deploy capital selectively.

Apple is a rare case where the hardware still matters more than what has largely become commoditized software—or even the underlying power sources that make it all run.

Investment in new technology almost always benefits consumers and society. We live in a country where progress and productivity are funded—voluntarily—by private capital. History is pretty clear on the outcomes: in autos, aviation, the internet, and countless others, most investors get crushed, some survive, and a very small number make extraordinary returns.

Apple is content to keep the bat on its shoulder and watch the pitches on the edge of the strike zone go by. Many of those pitches happen to be the newest, noisiest technologies.