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Random Thoughts on Apple

I wrote more articles about Apple than almost any other company over the last five years. For a long time it was one of the most hated stocks on Wall Street, and when we bought it for the first time in 2013, an outraged client wrote me an email calling our purchase “irresponsible” – which […]

Thoughts on iPhone 6s

Writing is a very weird experience for me. Sometimes it feels almost like an act of divine intervention. Not because of the divinity of it, but because of the intervention part. It’s almost as if I were a vessel for a guy (at least I hope it’s a guy) inside my head trying to communicate with my readers.

Innovation is Alive and Well at Apple

Can Apple still come up with breakthrough innovations? In September Apple introduced an iPhone with 3-D touch, Apple TV that has been turned into a gaming device and a larger iPad with a stylus that will take the tech giant into new niches. These products looked awesome, but they were just improvements. There was nothing […]

The Apple Brand

I want to make a quick comment about the Apple brand. Apple’s research and development expense was up 27% last quarter. Annualized, it is running at $5.7 billion. Let me put that in the right context. In 2007, when Apple came out with its first iPhone, the company’s R&D expense was at $782 million. Other […]

Interview with The Disciplined Investor Podcast

I was a guest on Andrew Horowitz’s the Disciplined Investor podcast.   Listen to it here Guest: Vitaliy Katsenelson discusses several of his best ideas on the value front. His recent research on Apple (AAPL) and other companies are part of our discussion as well as the difference between value and growth investing.

Why Investors Hate Apple — and Are Dead Wrong

In this article I don’t discuss Apple’s valuation, balance sheet, or financials.  I covered these topics in great detail in these articles a few months ago (Part 1: Psychology and Part 2: Value of Ecosystem). Nothing has really changed since, except that Apple announced an enormous share buyback.  This article focuses on Apple’s products, innovation, […]

Trip to Santa Fe and Some Thoughts on Apple

I am back from Santa Fe.  It was a fun trip.  My father, who turned 80 a few months ago, my son Jonah, and I drove from Denver to Pagosa Springs, spent a day there, and then drove to Santa Fe (stopping on the way in Los Alamos).  Santa Fe is an artsy little town.  […]

How Much Would You Pay for the Apple Ecosystem?

Earlier this week I wrote about the psychological challenges that Apple shareholders face. I also discussed the evolution of Apple’s “i” gadgets — the iPod, iPhone and iPad — and how they have created an ecosystem unlike those of other technology companies. Apple’s ecosystem is an important and durable competitive advantage; it creates a tangible switching […]

Understanding Apple Requires an Analysis of Fundamentals and Psychology

So many articles have been written recently about Apple — defending it or explaining why this glorious fruit will turn into a shriveling pumpkin by midnight (with Samsung’s help) — that I really haven’t felt the need to contribute to the unending debate. But then Apple’s stock crashed to $450 last month, and we bought a […]