Meet the men who carved $96B out of Apple’s market value

“If you are wondering who could have brought Apple’s share price down more than $100 from its all-time high of $644 on April 9 to its low for the day of $541.04 — carving $96 billion out of the company’s market cap in the process — you might start with the men who gathered Wednesday in Lincoln Center’s Avery Fisher Hall for the Ira Sohn Conference to talk about the market and raise money for pediatric cancer research,” Phillip Elmer-Dewitt reports for Fortune.

Here’s the list of the day’s speakers, courtesy of ValueWalk:
• Bill Ackman, Pershing Square Capital
• Dwight Anderson, MP of Ospraie Management
• Dan Ariely, Professor, and expert in Behavioral finance
• David Einhorn, CEO of Greenlight Capital
• Jeffrey Gundlach, CEO of Doubleline, Bond Guru
• Jonathan Kolatch, CEO of Redwood Capital
• Philippe Laffont, PM of Coatue Management
• John Lykouretzos, PM of Hoplite
• Steve Mandel, CEO of Lone Pine Capital
• John Paulson, PM of Paulson & Co
• Larry Robbins, CEO of Glenview Capital Management
• Kenneth Rogoff, Professor, Co-Author of Eight Centuries of Financial Folly
• John Wilder, Chairman of Bluescape Resources
• Meryl Witmer, GP at Eagle Capital Partners

Read more in the full article here.

24 Comments

  1. I really don’t like all these morons… Product refresh over the next several months… Then let’s see where the stock is. Apple defies financial rules for the most part. Talk all you want, you have no idea what happen next.

        1. You really seem to love this conspiracy crap. Do you write for Fox News? If you do, take a step back and look at the broader influences initiated back in the Reagan days and amplified during GWB’s reign (psst…in case you were napping, the 2008 financial collapse occurred on his watch).

      1. I doubt anyone can top this:

        At President Clinton’s direction, no fewer than 10 federal agencies issued a chilling ultimatum to banks and mortgage lenders to ease credit for lower-income minorities or face investigations for lending discrimination and suffer the related adverse publicity. They also were threatened with denial of access to the all-important secondary mortgage market and stiff fines, along with other penalties.

        The threat was codified in a 20-page “Policy Statement on Discrimination in Lending” and entered into the Federal Register on April 15, 1994, by the Interagency Task Force on Fair Lending. Clinton set up the little-known body to coordinate an unprecedented crackdown on alleged bank redlining.
        The edict — completely overlooked by the Financial Crisis Inquiry Commission and the mainstream media — was signed by then-HUD Secretary Henry Cisneros, Attorney General Janet Reno, Comptroller of the Currency Eugene Ludwig and Federal Reserve Chairman Alan Greenspan, along with the heads of six other financial regulatory agencies.

        “The agencies will not tolerate lending discrimination in any form,” the document warned financial institutions.
        So this is where it all started.  In 1994.  When the government pressured lenders to qualify the unqualified.  To put people into houses they couldn’t afford.

        1. Warning – polititard agenda alert!!! Repeat post by anonymous Ubermac just a paste-job from weeks ago!

          You can keep posting this same twisted slant on the Policy Statement on Discrimination in Lending and I will keep refuting your bullshit. I read the document – all of it – and it specifically called for lenders to maintain good lending practices. Ending discrimination in lending is a good thing. Folks, if you would like to know what the document really says and not just what Ubermac wants you to think that it says, then read it. It is easy to find with a quick internet search. If you go through life letting other people tell you what to think, then you deserve the dung pile in which you land.

          The banks chose to make bad loans. The financial institutions gambled in order to generate outsized profits because of greed. And they lost…which meant that everyone lost because the “leave business alone party” and “we don’t need no damn regulations party” and the “capitalist system is the answer to everything party” enjoyed the artificial boost to the national economy while it lasted. And then that same party started blaming everyone else…

          Same old story.

  2. It’s really refreshing to hear someone actually telling the truth about the reasons for Apple’s stock market evaluations. It cannot be mentioned often enough that Apple has become the plaything of the hedge fund industry and any individual who invests in Apple needs to know that only a long-run investment in the company will yield reliable returns.

  3. Big deal. I’ve watched these same guys, or same sort of guys, do this over and over. In ’04, they drove it from 90 to 34. In ’06, from 86 to 50. in ’08, from 199 to 78. In the last three or four years they’ve continued to try these bear raids, but not been able to sustain similar percentage drops.

    The landscape has not changed. Apple continues to march ever higher, because their culture and vision vastly outmatches their competition. The so-called success of Android has been a function of outright theft and the willingness of all concerned to make little or no profit. But they, as with other Apple competitors are not innovating; they are copying the last generation of Apple products. As an Apple investor, you are betting not on today’s products, but the continued stream of new ones, which are indicated by their track record and the constant futuristic patent applications. Even in the late 80s and early 90s, when Apple had brainless leadership, they still had the best engineers, the best assumptions, the most righteous approach to technology. This bear raid will pass, as have all the others before, when the next mind-blowing product, and the next mind blowing earnings report are announced, and the stock will blow past 700.

    1. The problem is that they make a ton of money with those raids. Buy at $2 watch it go to $90 selling little bits along the way. Start shorting at $90 until it drops to $34. Buy at $34 and watch it go to $86 selling little bits along the way. Start shorting at $86 until it drops to $50. Buy at $50 and watch it go to $199 selling little bits along the way. Start shorting at $199 until it drops to $78. Buy at $78 and watch it go to $644 selling little bits along the way. Start shorting at $644 until it drops to $544. Lather. Rinse. Repeat until you’ve managed to steal the pensions of millions of Americans in the name of Capitalism or Liquidity or whatever bullsh!+ term you want to sell suckers, err, the American public.

  4. Guys!! It is clear that big investors want (us) to sell now !!! Surrender or scared !!! Apple bridge is falling down , falling down …. I am so scared !!!!! So scared !!!!!!!!! I am going to surrender !!!

  5. When Apple shot back up over 600 after the earnings i knew it was going to sell off again.When these hedge fund a-holes get together and decide to sell fundamentals have nothing to do with it. I put the bottom at $520 back then and it looks like that’s going to be pretty accurate. I am selling all my gold and adding to my AAPL position.

    1. The problem is that what they are doing is mostly legal. Blame a bought and sold Congress consisting of the GOP and “centrist” Democrats who for the last 25 years have been dismantling the protections that the American public has had from these a$$holes.

  6. Funny — but I thought all the MDN readers (well most) were big, big fans of unfettered capitalism. But when it smacks Apple on the butt, suddenly you want government to step in and fix things.

    Hypocrites.

    If you believe in the free market, then this is what you get: People rigging the system for their personal benefit, never mind who gets screwed in the process.

    There’s a great line in the poker movie “Rounders”: “If you can’t tell who the suckers are at the table in the first 30 seconds…then you’re the sucker.”

    Individuals dabbling in the market are as helpless to fight off the pros as that sucker poker player. You’re going to lose.

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