Markets, Apple update, patience…
A pullback in the markets, but not a panicky rush for the exits. Maybe we really are getting past the overdriven emotions that have been dominating the marketplace.
I’ve not done any trades again today — two days in a row. And that’s mainly because most of these stocks are at levels where I’ve already done some buying in the names I wanted to and I’m not going to force any trades.
Two more quick notes on Apple, which is trading down just about 1% along with the rest of the market.
Bidu and Best Buy, for example, both have higher multiples on just about any metric, than Apple does. Netflix, CRM? Their multiple is a multiple of Apple’s despite not having either the defensible positioning or true platform de facto standardization that Apple does. And they don’t have Steve Jobs running their company, much less as chairman, like Apple still does either.
I first bought Apple here on these pages back in April 2003 at $7 a share and I held it til I closed my hedge fund and became a TV anchor. I’ve bought it back since I started trading again this year and I remain very bullish on Apple. Indeed as I’ve predicted before, I do think it’ll be a $1000 stock someday. And this news, despite the sadness that it elicits in our hearts, doesn’t change either the target price or the timing of when we might get there in my analysis.
