“A lot of people have missed the boat on Apple Inc. in recent years with the company continuing to grow at a staggering pace,” Ritesh Anana reports for Benzinga. “However, rather than making excuses, great investors acknowledge their mistake and learn from them.”
“Will Danoff, Fidelity Contrafund’s portfolio manager, is among the investors who fall in the latter group,” Anana reports. “Danoff was recently on CNBC to discuss why he made a mistake by reducing his stake in the company and why he feels Apple is still a great company.”
I made a mistake with Apple, frankly, after Steve Jobs passed away. I was very concerned about just the strategic direction that the company might take, and I believe in buying great managers and great leaders. And frankly, Tim Cook and his team have done an exceptional job… And they initially missed the large size smartphones and Samsung had a lead. And there were a couple of years where the earnings slowed down. But with the iPhone 6 and 6 Plus the revenues have re-accelerated, and the company is doing quite well. — Will Danoff, Fidelity Contrafund portfolio manager
Full article here.
MacDailyNews Take: Yup. There was a massive FUD campaign centered around the baseless “Apple can’t innovate” meme that lasted for quite some time, so those who weren’t very focused on Apple might have fallen for it.
As wrote often during that period: Those who underestimate Tim Cook are in for a rude awakening.
Danoff is now awake.
[Thanks to MacDailyNews Reader “Edward W.” for the heads up.]