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Why We Sold Apple Stock

December 2018 Our firm bought Apple shares for clients’ portfolios in 2013, and we are used to being a contrarian voice when it comes to the stock (read here and here) — we loved it when it was hated. Now we are contrarian again — this time going against the company’s faithful. Here are key […]

Apple – Not Saying Goodbye

I’ve written more articles about Apple than any other company we’ve ever owned. If I were to lie on Dr. Freud’s couch, then you’d find there were two Vitaliys writing these articles. First, there was Vitaliy the contrarian. Despite Apple’s ginormous size and the several dozen Wall Street analysts following the company, I felt it […]

Now Apple must show what’s next after iPhone X

The iPhone X is likely to be a phenomenal success for Apple. But its success will not be driven by anything new that the new phone packs inside. Instead, its success will be based on the phone’s screen size. Essentially, iPhone X provides the same screen real-estate as an iPhone Plus, but with the sleeker […]

New iPhones Are Not Enough

It is hard to find a bigger Apple stock cheerleader than me. I’ve been writing Apple stock love poems for years. For a long time, it was easy to love the shares because they were unloved by others and it was cheap. Until recently, when Apple stock was still trading in the low $100s and at single-digit multiples, […]

Apple vs Coke

Great Stock = Great Company + Great Valuation (Apple vs Coke) Valuation – margin of safety (discount to fair value) – solves a lot of global problems.  Let’s take Apple as an example.   Today Apple is mostly an iPhone company: two-thirds of its profits come from that product.  In 2014 it sold 169 million […]

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 Watch Is More Than a Cool Gadget

“You know how difficult it is to explain to a nonparent the joy of having kids? The Apple Watch is the same thing. It’s hard to explain how great it is to someone who has never worn one.”

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 […]