“Seth Klarman also referred to this as downside protection investing,” Jun writes. “All you have to do is protect the downside and the upside will take care of itself.”
“AAPL is cheap and there is no need to complicate it. Fundamentally, it is extremely cheap by being priced for zero growth,” Jun writes. “Zero growth expectations with a bullet proof balance sheet protects the downside and AAPL will have to experience some severe negative growth for it to be a value trap.”
Muchd more in the full article here.