Apple (Nasdaq:AAPL) continues to drop. A coldly calculating stock market that loves profit is pretending to not own it. End of June is quarter end. Reports get printed. Financial press and naïve investors look at stock holdings. Apple has dropped from $700 and everyone must appear to not own this dog. so as we get closer to June end the market dumps and grumps.
Classic case of behavioural investing. Don’t look at the enormous cash position. Don’t look at the history of innovative world-beating products. Don’t look at an attractive dividend yield. Don’t look at an attractive PE ratio. Don’t look at one of the strongest balance sheets in the history of capitalism.
Unfortunately professional money managers who know better but know their clients aren’t thinking are playing the shell game of now you see it and now you don’t.
In the meantime if you have some dry powder and patience this is a good time to pick up some assets because of the manic-depressive character of the stock market
George Gutowski writes from a caveat emptor perspective.