Given the following chart, it is perhaps no surprise that the demand for iPhones in the US is higher than in the rest of the world. Forget about reaching for yield in CCC-rated cov-lite leveraged loans, ignore the latest internet no-profits-but-lots-of-eyeballs IPO, the real way to make money in the new normal is the 'iArbitrage'.
A 38% return would seem just too-tempting for an enterprising hedge fund - and we are sure eBay will be more than willing to provide the transaction platform...
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Chart: Goldman Sachs