If you sold, the company bought your shares cheaper. Not so well done.

Meanwhile, if you want to look for something else that is outrageous, look no further than the announcement last evening that Apple had bought 14 billion Dollars worth of shares since the results disappointed "investors" (and I use that term very, very lightly). Who is disappointed now? In two weeks, just get this, Apple have bought back 14 billion Dollars worth of shares. And over the last 12 months the company had bought back 40 billion Dollars worth of stock. Which is equal to around 9 percent of their market cap. And at a cheap price no doubt, the stock is up only 13 percent for the last 12 months. And the stock trades on less than a 13 multiple. Ex growth, I think not. They just came off a record quarter. iPads and even more increasingly the Mac is making a solid comeback in a declining PC market. Thanks to the iPad and iPhone, Mac adoption is starting to happen. But yet Microsoft trades on a higher multiple.


Ah well. Back to the buyback, Apple have an amazing amount of gunpowder dry, over one third of their present market value. The WSJ article points to the Tim Cook interview: Apple Repurchases $14 Billion of Own Shares in Two Weeks, in which he also says that the board would not have a problem with a 10 figure acquisition, provided it is a good fit for Apple long term. Agreed. And also, there are new categories coming, I have read about a health device which tells you when to drink water, warns you when your blood pressure is high, and so on.


The TV device is an obvious one too, but we won't have to speculate too much longer, Cook refers to the devices (device?) simply as "really great stuff". I see. And when pushed, the illusive company culture that Apple has, Cook answered in the best possible manner, saying that anyone reasonable would consider what it is. The "really great stuff", what could it be? Lucky for us, there are whole website devoted to this, including the iPhone six perhaps having a bigger screen, and being curved, and so on. For more, go to MacRumours. We continue to add to what we think is a remarkable and innovative company.