“Toni Sacconaghi just won’t give up,” Philip Elmer-DeWitt reports for Fortune. “For more than two years, Bernstein Research’s top Apple (AAPL) analyst been after Steve Jobs to spend some of the company’s growing cash hoard ($51 billion as of September), preferably on a stock buyback or cash dividend. ‘Shareholder frustration,’ he wrote in an open letter to the board of directors in August, ‘is bordering on exasperation.'”
MacDailyNews Take: Bullshit. We’re AAPL shareholders (we know, can you believe it?) and we’re not exasperated or frustrated with Apple CEO Steve Jobs’ leadership or his decision to grow Apple’s cash pile into a mountain. Amazingly, we trust Steve Jobs over Toni “I Can’t Find Those Missing iPhones, Oh Wait, Whoops, They’re Not Missing” Sacconaghi.
P.E.D. continues, “Now he’s come up a new argument. So many institutional asset managers already own Apple, he says, that unless the company starts distributing some of that cash to shareholders, there will be nobody left to buy the stock.”
MacDailyNews Take: Yeah, just like there were no iPhones and then, suddenly, poof!, millions. Sacconaghi is a hack.
Full article here.
MacDailyNews Take: On Toni’s very best day, Gene Munster could defecate more cogent AAPL analysis.
[Thanks to MacDailyNews Readers “Dan K.” and “James W.” for the heads up.]