Hedge fund titan Leon Cooperman has been selling Apple (AAPL) but buying battered Freeport McMoRan (FCX), he tells CNBC. Cooperman holds FCX founder Jim Bob Moffett in high regard despite coming under fire from shareholders, but he's not keen on AAPL's reluctance to return cash to investors and warns the iPhone’s uniqueness may be diminishing. [View news story]
The truth is that Leon had sold part of his position and stills retains a large position. He thinks Apple is a great company. He is concerned about Apple's cash management. I prefer to let Apple do what they think is right with their cash. I think Apple will establish an annual dividend increase of sustainable proportion. I think this is a better strategy than a special dividend. My initial purchase of Apple stock was at 85. I am now receiving a 12.5% dividend on that investment. I expect a dividend increase again this year and that percentage will increase.
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There is a solution for the Straights of Hormuz problem. We should vote Obama out of office, hire a competent president Romney and develop valid plan to accomplishment North American energy independence. I heard that Ohio has about 5 billion barrels of oil reserves and could be the next North Dakota. But it would not happen with re-election of Obama.
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The elementary and middle school kids I know all have iPods. Yes, they are cool. Their parents have iPads and iPhones and the kids are using them and wanting them for their own.
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A big factor in the dividend issue is that about 2/3 of the cash is overseas. If that cash is brought back to the USA, Apple would have to pay the USA corporate tax and dividend recipients would then pay another 15% on the dividends. I don't think Apple will bring any cash back to this country in this tax environment. What I would do is to wait until the Nov election to see if the Republicans are elected. They would very likely declare a tax holiday so the trillions of dollars USA companies hold in foreign countries could be repatriated. This is what AT&T should have done with their acquisition of T Mobile. A Republican administration would have approved that deal.
In the mean time, I would expect Apple to continue to look for investment opportunities overseas as they did with Anobit. That is a relatively small but important investment.
Hedge fund titan Leon Cooperman has been selling Apple (AAPL) but buying battered Freeport McMoRan (FCX), he tells CNBC. Cooperman holds FCX founder Jim Bob Moffett in high regard despite coming under fire from shareholders, but he's not keen on AAPL's reluctance to return cash to investors and warns the iPhone’s uniqueness may be diminishing. [View news story]
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In the mean time, I would expect Apple to continue to look for investment opportunities overseas as they did with Anobit. That is a relatively small but important investment.
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