“Apple’s late co-founder, Steve Jobs, was a most quotable fellow, but some of his best stuff is not cited frequently enough,” Tiernan Ray reports for Barron’s. “‘I’ve never been able to figure out Wall Street,’ said Jobs in June of 2008, after Apple’s shares had gone on a wild 12-month ride, falling 40% from their all-time high at the time only to come roaring back 60%.”
“My colleague Jack Hough notes that CNBC’s Jim Cramer said earlier this month that the vast majority of the sellers of the stock were investors with big capital gains, looking to avoid higher tax rates next year — a ‘reverse January Effect,’ as it were,” Ray reports. “Whether that’s true or not — and Jack notes that there’s no clear evidence that it is — Apple’s shares look attractive, he writes, at $509.59, down 30% from their all-time high.”
Ray reports, “To that I’ll add that the company’s shares will eventually rebound as it refocuses on what it does best, making great products that generate huge amounts of money.”
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