Random Thoughts on Apple
I’m less excited about Apple stock than I’ve been in years, and the current valuation demands more clairvoyance than I possess, writes Vitaliy N. Katsenelson, CFA. He is Chief Investment Officer at Investment Management Associates.
I wrote more articles about Apple (AAPL) than almost any other company over the last five years. For a long time it was one of the most hated stocks on Wall Street, and when we bought it for the first time in 2013, an outraged client wrote me an email calling our purchase “irresponsible” – which motivated me to write not just one but two articles on Apple (one, two).
As I discuss in the following article, for a value investor it is easier to love stocks that are hated and more difficult to love stocks that are loved.