Tim Cook, from yesterday’s Apple earning’s call:

We’ve invested through economic uncertainty in the past, and we’ve always come out stronger on the other side. In fact, some of the most important breakthrough products in Apple’s history were born as a result of investing through the downturn. We’ve also seen these times as opportunities to invest in new markets, just as we’re doing now in areas such as India and other emerging markets.

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Apple itself was born as the US emerged from a steep recession in the mid-1970s.

The original Mac was developed during a severe global recession in the early ’80s.

OS X was developed as the dot-com bubble was bursting, and released in the middle of another recession. That same recession also saw the birth of the iPod.

Finally, what many people refer to as The Great Recession started in late 2007, as Apple was in the throes of perhaps its greatest product release, the iPhone.

Tim said:

> Some of the most important breakthrough products in Apple’s history were born as a result of investing through the downturn.

These are not hollow words. Apple has historically poured money into R&D and released important new products during economic downturns. This strategy is an Apple hallmark.