Apple saw a three-year cycle for iPhone sales, with 2015, 2018 and 2021 being the high-water years. But since the first quarter of fiscal 2021, iPhone sales have risen at just a 1.3% annualized rate.
Tsai Capital, an investment management company, released its fourth quarter investor letter. A copy of the letter can be downloaded here. Tsai Capital celebrated 25 years track record in 2024.