Gundlach: ‘We own Apple’

“Apple (AAPL) finally has a friend in Jeffrey Gundlach,” Chris Ciaccia| reports for TheStreet.

“In an interview Thursday with TheStreet at DoubleLine Capital’s Los Angeles headquarters, Gundlach said that the investment firm actually owns Apple in one of its equity portfolio,” Ciaccia| reports. “‘We bought it at $405 the first time, and I think our average cost is below $425. I said Apple would go below $425. I wasn’t committed to buying it, but I think Apple is an interesting play,’ Gundlach said during the interview.”

Ciaccia| reports, “‘Apple’s sorta cheap,’ Gundlach said. Excluding the company’s enormous cash hoard, shares are trading at roughly seven times earnings, and are priced as if no new products are coming to market. ‘I sorta like Apple.'”

Read more in the full article here.

Related article:
Doug Kass goes long with Apple Inc. stock – May 23, 2013


      1. With friends like Gundlach, who needs enemies? This was the guy that helped drive AAPL down to where wanted to buy. And he’s a bond guy, not even equities. Sheeesh.

        1. Actually he made the call on Apple dropping in April 2012. So he’s hardly responsible for “driving Apple down to where he wanted to buy it”. It went up considerably after April 2012 if you will remember. Considerably! Stock went straight up last summer. Did you really think people were going to hold it forever after such a run up? Okay, some here did. And they paid for it. Most people knew to take their profit on such a parabolic move. Then there was the fiscal cliff. End-of-the-year taxes. Mutual funds had to rebalance their portfolios. The stock didn’t go down until five months after his negative outlook. Quit trying to blame everyone on Wall Street. The stock was overbought and eventually sold off. Happens all the time. Not just with AAPL.

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