yet another steve

Apple SEC Investigation: Rotten to Core

Truly the SEC should focus on one thing only: How the f--- did Maddoff happen? Investigate thyself!

As for Apple/Jobs, isn't this a time to remember our humanity--and simply wish him well?

The whole SEC/shareholder suit/disclosure angle is a Tempest in a teapot. Yes, maybe some sleazebag lawyers get a settlement for a few million. Only news there would be the increase in sleaze.

(Yes, Apple will be fine. But so what?)

The only NEWS is that a man is obviously facing very serious health issues. And as a human being, the only response is to wish him well. And if, indeed, he's been imperfect... forgive him and wish him well.

Those who have been right in their speculation have lost their humanity in the process. Steve Jobs has lost (hopefully temporarily) his health... but others have lost their souls. And there is little sign that THAT is temporary.

U.S. Mint Actions Discourage Gold Ownership

Gold is readily available to buy... including American Eagles. If you're after it as bullion, who cares if it is the latest product direct from the mint? Mintage date isn't a freshness code! Year 2000 gold contains just as much gold.

As a collector, I agree, the mint had too many products. I stopped buying any of them.

For 10 oz and more, I heartily recommend tulving.com (no I'm not affiliated.)

For smaller sizes, it is all over ebay.

Pretty ineffective conspiracy. Or should I say that conspiracy theorizing really isn't what it used to be.

Apple's FY09 EPS Estimate Is Too Low

You're letting facts get in the way of a good story. ("Apple is doomed... Apple is doomed because it hasn't cut prices.... Apple is doomed because it will have to cut prices.")

Apple makes for a remarkable long term holding... there is just so much earnings and cash flow baked into the cake.

And you're the first analyst I've seen to point out that the recession could actually HELP margins. Commodity components are a huge amount of Apple's costs and if the merely drops prices less than the commodity prices, margins grow.

So far, there is scant evidence of Apple cutting prices AT ALL. They are either stupid and brain dead or.... sales are holding up decently.

And of course, GAAP EPS--deferring iphone earnings--are a joke.

But Wall Street never lets the facts get in the way of a good story...

Why I'm Selling Apple and Google Today - and Holding Amazon

If "everyone" believes Apple PR isn't being straight, then isn't the risk the opposite--that Steve while having health issues, isn't dying, and will continue as CEO for some time?

So much (business) momentum here and ridiculous cash flows and cash in bank to withstand any short term economic difficulties.

But I've learned just how much markets can overshoot on the down side. Not selling here, but waiting for another drop before buying more.

It's No Big Deal That Apple Is Pulling Out of Macworld

Macworld: Having an arbitrary keynote date expecting a big announcement isn't a good thing. Apple is firing on all cylinders and really needs to work on NOT announcing/shipping before things are ready. And Apple can get all the attention it needs from the press/blogosphere whenever it is ready to announce something.

SJ: At first I was concerned. But SJ gives great keynote because he invests a lot in the presentation. Not worth it if there isn't big news. In fact, having SJ give a presentation without big news just sets everyone up for a letdown. And Apple really tries to underpromise.

For a typical CEO a 2 hour presentation takes 2 hours. For SJ, it is days of presentation.

And yeah, your #1 marketing guy ought to be able to give a keynote.

Now they can bring Steve out for emphasis... like pointing out that non-GAAP accounting (meaning iPhones booked as if a mac or an ipod) DOUBLED the GAAP results. It was stunning.... yet most of Wall St is still valuing AAPL on GAAP P/E. Totally misses the iPhone. Steve needs to come out and do the next earnings call as well.

Apple Analysts Reality Check: Bear Rally Is Over

The technicals and the long-term fundamentals are totally at odds... isn't this how value plays get created?

If I have a $95 target on a stock, and it closes today at $95, am I right? Is it really that simple? C'mon... $70 next month and $300 in 3 years are not mutually exclusive events.

Zach, I respect your technical analysis, and you've been right short term. But that's a measure of investor psychology.

The Apple franchise... best measured by its ability to generate profits and cash flow... seems to be holding up really well. Now there's every reason to think Apple's business will get clobbered in this recession. There's just no evidence of that happening. Analysts are clinging to the "end of the ipod run" theme, while ignoring the far larger implications of the iphone and subscription accounting.

Honestly, I expect upside earnings surprises for the holiday quarter... and the stock to fail to rally much on the news. The psychology is that negative. But someday, the mountains of cash being printed in Cupertino is going to prevail.

I do think its a historic opportunity--to have a company doing so phenomenally well as a business during such a terrible market and economy. And there's no reason AAPL can't sell off more and become an even more amazing value.

Actually the analysts are amazingly conservative on Apple's business performance. They're still valuing on GAAP earnings, worrying about ipod units (not revenues), failing to consider that maybe Apple isn't cutting prices dramatically because... it doesn't have to (actually the new portable line has an implicit price cut as the $1299 MacBook is probably cannibalizing $1999 MB Pros.). Or the effect of the weak global economy on flash memory prices and thus Apple's margins.

This company has two major, growing, extremely profitable platforms, each creating a virtuous circle as a successful platform can. It has a ridiculous amount of cash and continues to generate it. It controls its own destiny as few companies ever do.

So I bought too early ($129). But if I get to add to that position at $70... bring it on. PCs and pocket sized mobile devices are going to be around for a long time and the Apple franchise has never been healthier. And this ain't some dot-bomb bubble... Apple has proven its ability to "monetize" its franchise into ridiculous amounts of cold hard cash.

Should We Really Bail Out the Big Three Automakers with $73.20 Per Hour Labor?

Toyota's $48 is hardly minimum wage.

Now.... who makes better cars? Yeah, that's the problem.

Higher costs and inferior products... an important part of capitalism is letting the uncompetitive die. Or force them to be competitive to survive.

Unions? Well they have to be competitive too. If a union makes a company uncompetitive it and its members go down with the company.

The Woz Is Sounding Bearish on Apple

Actually, Woz is right. Standalone .mp3 players WILL go the way of transistor radios someday.

That's why there's an iPhone and an iPod Touch.

Part of the genius of the ipod has always been the way Apple keeps pushing it forward as technology allows. Apple isn't just aware of this--it's driving it. SanDisk can make music players, but now they need an OS. MS has an OS, yet has been so unsuccessful with it (in portable devices) that it did not base Zune on it.

No idea how far down the stock will go... or how much the recession will hurt sales in the short term. But long term Apple isn't threatened by this--it is leading it.

The Consumer Spending Slowdown Catches Apple

Visibility problem? Absolutely. But it's already in the stock.

Technically, the stock has not found a bottom.

But it certainly seems like there is more upside risk than downside risk at an enterprise value of just $72/share.

And Apple buyers tend to simply delay purchases, not switch brands. Sooo.... the franchise is just as strong whenever consumer spending recovers.

A big slowdown in consumer electronic spending could also give Apple some help with margins. Which equals some serious operating flexibility. And while we're all just guessing what their numbers are, they certainly know.

If the world doesn't end, Apple is well positioned to emerge even stronger. But there's no limit to how much a stock can overshoot--upside or downside.

If the world does end, none of this will matter...

Steve Jobs' Fake Heart Attack, Courtesy of CNN

btw, for those of you who hate shorts: They all have to cover some day. The farther down they drive it the more violent the recovery. If you have capital suitable for the market (that is not short term), get longer as it comes down.

You will have your revenge.

No shorting == no violent short covering rallies.

Unlike the financials that were really hit, Apple doesn't need a cent of capital or cash (and won't ever.) The only effect a lower stock price has is that it improves recruiting by adding more upside to option grants.

Steve Jobs' Fake Heart Attack, Courtesy of CNN

Every Apple watcher KNOWS who takes over in an emergency. Apple has a COO who runs the day to day. This hits the stock because sellers fear other sellers and want to be the first one out.

If something really does happen to SJ, I will cherish the bottom as a buying opportunity. Especially from these levels. All the bright talented people in its many businesses won't quit coming to work just because Steve isn't there. iPhones won't suddenly stop working. Macs won't suddenly get viruses. It's a company with amazing growth for its size, rabid fans for its products, ridiculous cash flow and nearly $25/share in the bank.

It's a volatile stock and when it runs out of sellers, the snap back will be just as violent.

Apple has a ridiculous amount of cash, the only possible long term use of which is to return it to shareholders. It has no forseeable reason to need the capital markets, ever.

It's ALREADY trading at levels far lower than the loss of Jobs would justify.

So, everyone, keep spreading the rumors and shorting the stock. Just do look at me when you need to cover.

Steve Jobs' Fake Heart Attack, Courtesy of CNN

Every Apple watcher KNOWS who takes over in an emergency. Apple has a COO who runs the day to day. This hits the stock because sellers fear other sellers and want to be the first one out.

If something really does happen to SJ, I will cherish the bottom as a buying opportunity. Especially from these levels. All the bright talented people in its many businesses won't quit coming to work just because Steve isn't there. iPhones won't suddenly stop working. Macs won't suddenly get viruses. It's a company with amazing growth for its size, rabid fans for its products, ridiculous cash flow and nearly $25/share in the bank.

It's a volatile stock and when it runs out of sellers, the snap back will be just as violent.

Apple has a ridiculous amount of cash, the only possible long term use of which is to return it to shareholders. It has no forseeable reason to need the capital markets, ever.

It's ALREADY trading at levels far lower than the loss of Jobs would justify.

So, everyone, keep spreading the rumors and shorting the stock. Just do look at me when you need to cover.

Apple's Bountiful Revenues Are Bigger Than Ever

Just to reiterate "non-current" is accountingspeak for "more than one year out". (The 816 + 624 calculation makes no sense v. non-current in the next quarter.) Means that in any part of financial statements: assets, liabilities, etc. When you defer revenues and expenses over 24 months, obviously you'll end up with both a current and non-current balance.

As for confusion--who can blame Apple for being conservative in its accounting in today's Sarbox environment (and does any company get sued more these days?) They made a customer decision first (upgrades will be free), and we'll just have to live with the math.

A Trip to 'Fantasyland' - Should Google Buy Apple?

You're right about one thing... the slide show format sure is annoying. And another: total fantasyland. But it could have been fun if they'd written it... you know.. in word on a page. Like you did.

And the reason it could have been a fun idea is because it is so blaringly stupid: How to destroy two very successful companies in one deal!

Apple's Deferred Revenues Revisited: This Was a Blow-Out Quarter

This is a little optimistic. Presumably deferring revenues also means deferring the cost of goods associated with those revenues. So it doesn't all fall to the bottom line.

What does make sense, however, is to add iPhone revenues and units to the iPod numbers since it is really an extension of the same business.

Also missed, however, is that each of these phones that isn't unlocked generates cost-free revenue to Apple every month in revenue sharing.

Frankly Apple is at a major transition point as its ipod business goes from toy to serious platform. The street is clueless.. so clueless that we should just let 'em sell and get short. It's just like 2 years ago. Except 2 years ago, you had to have faith to see the continued growth. Now, to those of us who have noticed that iPhone/iPod touch are both iPods and OSX platforms, the source of that growth is obvious.

The Street is clueless, and given Apple's seasonality it may take until September until Apple generates such revenues, earnings, and cash flow that they'll have to come out of denial.

So, what the hell, let 'em drive the stock down to $90. Selling at $250 is a lot more profitable if you bought at $90 vs. $190.

Let every clueless doubter have his day.

Pay no attention to that $21/share in CASH... go short old men!