Subject: Re: Apple
Calling it straight up- Warren selling his Apple position down has been dead wrong. Cash out the door due to taxes and the loss of capital appreciation.

In April it looked like this might have been an excellent trade, in December not so much. A bit early to be calling this "dead wrong". Purchases were made at PE levels in the 15s, sold in the 30s, yes it now up to nearly 40; but was that something knowable? Wouldn't an equally valid proposition to take that it would trade back down into the 20s again? (and it still might!)

Historical PE levels for AAPL


39.6|                                                                                                           #        
     |                                                                                                         # #       #
     |                                                                                                         # #       #
     |                                                                         # #                             # # #   # #
     |                                                                         # #                   #       # # # #   # #
 29.7|                                                                         # #                   #       # # # # # # #
     |                                                                         # #       # #         #   #   # # # # # # #
     |                                                                       # # # # #   # #       # # # # # # # # # # # #
     |                                                                       # # # # # # # #       # # # # # # # # # # # #
     |                                                                   #   # # # # # # # # # #   # # # # # # # # # # # #
 19.8|                                                                   #   # # # # # # # # # # # # # # # # # # # # # # #
     |                                                         #       # # # # # # # # # # # # # # # # # # # # # # # # # #
     |                                                   #   # #     # # # # # # # # # # # # # # # # # # # # # # # # # # #
     |                                             # # # # # # #   # # # # # # # # # # # # # # # # # # # # # # # # # # # #
     |     #   #         #   # # # # #         # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # #
  9.9| #   # # # #     # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # #
     | # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # #
     | # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # #
     | # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # #
     | # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # #
  0.0| - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
      '11 '12     '13     '14     '15     '16     '17     '18     '19     '20     '21     '22     '23     '24     '25

tecmo
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