“Hedge fund manager David Einhorn has made no secret of his confidence in Apple, a significant holding for his firm Greenlight Capital,” Steve Schaefer reports for Forbes.
“The billionaire extolled the virtues of the company during a recent presentation at the Ira Sohn Investment Conference in New York, echoing themes from his first-quarter investor letter,” Schaefer reports. “Even with a market cap well north of $500 billion, Einhorn argues that Apple remains ‘one of the most misunderstood stocks in the market,’ because investors treat it like a hardware company rather than a software company.”
Schaefer reports, “‘Not only do we think the skeptics are misguided, we believe the shares remain cheap,’ Einhorn writes, given that shares trade at multiples below the average of the S&P 500. ‘We have a hard time seeing how anyone ranks AAPL as below average.'”
Read more in the full article here.
MacDailyNews Take: The whole world is out to get Apple. That statement works on multiple levels. If only the market would get around to figuring out what’s actually going on and fairly value the world’s greatest company for a change. Three months of the-sky-is-falling delusion punctuated by a couple days of earnings astonishment is a really silly cycle in which to be mired.