Let me quote what I had posted yesterday in a post
"How the investors will react to this news. Empirically they'll like the idea but certain investors with growth perspective might think that the management is foreseeing not that much profitable growth opportunities that's why they have decided to share cash with the shareholders."
Not exactly the same words in letter but in spirit, to some extent, the Bloomberg also reported yesterday. Concerns which investors or analysts could have regarding Apple declaring dividends and share repurchase or what the management might be thinking regarding the future of the company can be seen in this news.
Read the news: http://go.bloomberg.com/tech-deals/2012-03-19-the-temptation-of-tim-what-does-dividend-say-about-apples-future-2/