The other day, Josh Brown from Reformed Broker was quickly dismissed by a vagabond on CNBC for recommending AAPL, down at these levels. The vagabond said something along the lines of “I only buy stocks that go up”, when confronted with Brown’s idea to buy AAPL. When it comes to buying beaten down stocks in an up tape, I think we can all agree that AAPL is exceptional and should be bought by those who believe in the long term story.
Slowly but surely, AAPL is turning the corner. Have a look at some correlation statistics, pitting AAPL versus the SPY.
I own AAPL, alongside some of my other long term positions, and will be averaging down next week.
Essentially, as is always the case, “The Fly” waits for his prize.
He waits for it in the rain. He waits for it in crane.
He waits for it in the dark. He waits for it in a park.
He waits for it all the time. He even says so in a rhyme.
After the waiting is over, he watches his profits soar.
To celebrate the occasion, he kicks one or two homeless men into the calm waters, by the seashore.
Baby Fly- 1980
I was flat for the day, up 23% for the year.
http://www.youtube.com/watch?v=_ynnWAVc_9A
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