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  • Apple Implements My Plan: Here Is What It Should Do Next [View article]
    Nice to tell Apple what to do.
    Too optimistic to expect them to listen.
    They have excellent financial management anyway.
    They wanted to keep their cash and they did by borrowing to buy back shares. Dividends will come out of earnings.
    What about trying to tell shareholders what they should do about investing in Apple? Buy, Hold or Sell?
    May 17, 2013. 01:18 AM | Likes Like |Link to Comment
  • What Is Apple's 'Rate Of Return' For The Next 3 Years? [View article]
    Chuck, thanks for the terrific analysis.
    Nice to read someone's work who presents the effect of Apple's most significant recent event on its future returns, as opposed to the many pie in the sky guess works of the value of the stock written recently.
    May 11, 2013. 10:12 AM | Likes Like |Link to Comment
  • Apple: The Bottom Has Yet To Be Reached [View article]
    I like your work and comments.
    Re. the $390.50, why the $0.50? Accuracy or rounding?
    May 10, 2013. 06:21 PM | Likes Like |Link to Comment
  • Apple: The Bottom Has Yet To Be Reached [View article]
    Nau, I believe that the article was using 'return on assets' and not 'return on equity' as a metric?
    Cash (assets) goes up when profits (equity) go up. There is no weighing ROA down.
    Quandary, whatever the metric, timing is not a science. To say that any stock "will continue to decline until it has a large, abnormal movement to the upside." is not very helpful. It is almost like saying "when it goes up, it wont go down."
    At any rate, how can you forecast the future ROA?
    Liked the article but balanced conclusion is that Apple may be too volatile and risky to buy now.
    NYCTrader, cash does not create new products. In the Techno sector everybody is struggling to create new products even those with no cash that become new ventures (IPOs).
    May 10, 2013. 06:18 PM | Likes Like |Link to Comment
  • Apple: A Deep Dive Into Perhaps The Most Profitable Bond Issue Ever [View article]
    Also interest on the bonds is a tax deduction for the company, and dividends are not. And the debt a hedge against inflation.
    Apple's financial and tax management is tops. Nevertheless, their financial and tax decisions are greatly influenced and controlled by the large amount of cash it holds. It is like an elephant in the room or having a tiger by the tail. Yet, a good tiger! But, it is a very strong parameter and constraining agent.
    To hold such a large amount of cash for security is a very old practice, as cash under the mattress. Perhaps in need of innovation and modernity.
    The best cash and asset management is 0 cash balance.
    Excellent article!
    May 8, 2013. 09:58 AM | Likes Like |Link to Comment
  • Shame On You, Apple [View article]
    All corporations should be judge by the same standard and not make an exception with Apple.
    Just as you have the right to voice your holier than thou and sadistic attitude; so does Apple to follow the law.
    Your ego may not be so Super, after all.
    Why don't you write against the tax code?
    There is a higher standard than what your write.
    Apple can be criticized for many reasons perhaps, but certainly not
    on their tax management.
    Why don't you keep on working after 30. Go back to align children's teeth and become richer and donate your income?
    Is it moral to retire when the rest has to work their heart out?
    May 1, 2013. 09:33 PM | Likes Like |Link to Comment
  • Why Apple's Q2 Earnings Make It A Fist-Pounding Buy [View article]
    Apple did not lose $300 billion in market cap. Those who bot high at $700"s, $'600s and $500's lost the $300 billion.
    Apple actually gained by being able to buy back at a lower price.
    Apr 23, 2013. 11:58 PM | 7 Likes Like |Link to Comment
  • Implications Of Apple Guidance [View article]
    Very perceptive of you, if true.
    Nevertheless, whether planned or not; it should materialize as you foresee it; which makes your recommendations very valid.
    As explained below, Apple will be able to use their cash and avoid US taxes by obtaining US debt at a reciprocity rate. Same bank affiliate will use their ash deposit and same bank US head office will provide debt funds. Shows good financial management planning.
    Apr 23, 2013. 11:42 PM | 1 Like Like |Link to Comment
  • Implications Of Apple Guidance [View article]
    Getting debt for buyback probably means that Apple's cash manager's plans to deposit their overseas cash at an interest rate that will probable wash out the cost of the US debt under a reciprocity agreement; i.e., Apple deposits their overseas cash with the American bank ABC's overseas affiliate and ABC's main office in the US will issue the debt at almost a wash out of the interest cost under a reciprocity agreement.
    US tax rules allowed this transactions tax free when sourced ex-Curacao; etc.
    Apr 23, 2013. 11:24 PM | 1 Like Like |Link to Comment
  • How To Play Apple's Earnings This Tuesday [View article]
    Translated to reality : "No one knows!" !!!
    Apr 22, 2013. 04:04 PM | Likes Like |Link to Comment
  • Investors Are Missing Apple's China Opportunity [View article]
    What about the Brazilian mnarket, as the trade mark issue has been resolved?
    Apr 17, 2013. 08:26 PM | Likes Like |Link to Comment
  • Apple's Nearly Single-Digit P/E Seems Undeserved [View article]
    Always enjoy your comments, but not so all the above questions and no answers.
    Mar 31, 2013. 12:20 PM | 2 Likes Like |Link to Comment
  • Apple: Last Year I Said Sell -- Buy Now? [View article]
    Is the Bottom Line analogy with "a favorite restaurant with a new owner" a tie-in to the new CEO's name - Cook???
    You did not cover all the bases, as new markets may surge, such as the large Brazilian market. It could make a significant sales increase,
    and I bet they will launch in Brazil.!!!Sometime....
    Mar 13, 2013. 10:11 AM | 1 Like Like |Link to Comment
  • The Massive Underperformance Of Apple Vs. Amazon [View article]
    Agree with Sfphoto, but It may be naive to think that The Market function on Mythology.
    As the financial crisis has proven once more, it is not mythology that runs the market, but often it is greed and speculation sometimes speckled with unethical and illegal behavior.
    Wiesje correctly makes the point that:
    1) Traders and Fund managers (WS) determine stock prices, and
    they re Long because they follow trends, and
    2 ) Analyst and private investors do not move prices.
    It does not seems as Senhor Santos necessarily disagrees with that, what Paulo is correctly observing and reporting is that NO MATTER who determines stock prices, Wall Street or Main Street, the overvaluation of AMZN is obvious; and by comparison APPL'S price is undervalued.
    By all accepted financial standards of measurement, he is 100% correct whether Behavioral Economics or Financial Management principles are applied.
    Mar 6, 2013. 10:57 AM | 1 Like Like |Link to Comment
  • The Massive Underperformance Of Apple Vs. Amazon [View article]
    While it is hard to come up with a conspiracy theory on this argument, if one were to believe in it, it could be said that some people are influencing the market to benefit from the fast rise and abrupt fall of Apple, It may be interesting to do some research on the buyers and sellers that affected the price of Apple moves; whether for profit, in case of investors.? or revenge action of those top managers just fired? Or envy to be #1?
    In the case of Amazon, it seems as the "speculative greed motivator" is hard at work. However, it may attenuate the degree of irrationality if we were to give Bezos credit as a grand master of marketing strategy; which is an art often dominated by BS. Bezos is a well recognized leader.
    He has set his priority goal to lead and dominate his market via price and service, and meeting customer needs.
    We must remember that MARKET SHARE is one of the most expensive and difficult business objectives to achieve. He has managed to accomplish this in many of the sectors. He has dethroned Barnes & Noble, one of his stronger competitors. Once he has full control of his markets, he can set higher prices and raise his margins. Amazon's excellent quality service is already proven. It seems that he owns the future! The market seems to be trying to quantify this future value. Perhaps it has gone overboard, but price increases will go straight down to Net Income in the P&L statement.
    Apple's management leadership is not proven. Jobs trusted the new leader, but has the market? There have been a number of
    negative events at high levels: disloyalty and ineptitude of fired top managers; poor quality control problems. The amateurish handling of the whole Einhorn situation. The lack of transparency regarding the amount and availability of the Cash and its management. All serious issues.
    Santos is correct. This situation is a great example of "market irrationality". He has done an admirable job to present his case.
    Specially, to present the unjustifiable high degree of irrationality.
    Mar 6, 2013. 02:00 AM | 1 Like Like |Link to Comment
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