Apple’s stock fell to another new low point of its current crash, closing at $420.15. Its an incredible decline for the stock which was at $700 in September.If you want a rational reason for the stocks decline, we have a few ideas: Investors are worried about the rise of Android, Apples margins collapsing, the lack of a mega product in the works, and the post-Steve Jobs era.
via CHART OF THE DAY: Apple Market Cap – Business Insider.
In the spirit of full disclosure, I have to say that we liquidated 60% of our Apple holdings last week. We still own a substantial amount but as the saying goes, “the market can be irrational longer than you can be solvent.” In spite of all this, I still feel the stock is cheap, the products great, and the culture of innovation, quality, and customer service is still intact. What’s not intact though is Apple’s CEO Tim Cook. His apparent tone deafness to both the shareholders and the customer’s desire to have a larger display phone is not acceptable. It’s time for a new CEO. Shareholders have suffered enough.
Apple is the worst performing stock in the S&P 500. You really have to go out of your way to be that bad.