1. Everyone also talked about a super cycle last time that never happened. Not happening this time either. 
2. Apple trades at near 40x earnings. That means even if it uses 100% of income for buy backs, it can only buy back like 2.5% of shares.
3. Low growth, high multiple. 
4. No one says Apple is in trouble, it's just overvalued. Apple has never had such high PE, even when it was growing way faster. What justifies 40x, especially when rates are still like 4-5%?
5. It's a good short at these levels. It's just overvalued. Nothing more, nothing less.