True, Apple’s relative success is partly due to a dip in the oil price, which has pummeled Exxon’s shares, and to the volatility that swept through stockmarkets this week.

Again, I wouldn’t be shocked if oil prices dip in the near future — although I also take seriously Goldman’s recent warning that the price could go to $200.

Each dip in its share price, which fell by 20% in the two days after the deal was announced, increases the amount of dilution its Stockholders will suffer.