Professor, you state that buybacks are to blame for the extreme concentration of income. It is not clear to me why Apple maintaining mountains of cash would be a buffer against the concentration of income.
Once investors receive their funds from a buy back, one would assume that they could consume it, benefiting those companies, and their stakeholders.
More likely, as they are capital funds, shareholders would reinvest these funds in other productive investments, more productive than leaving them on Apple's balance sheet sitting as deposits or liquid funds.
See full Open Letter: http://onesimohere.blogspot.ch/2014/10/what-apple-should-do-with-its-massive.html
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