The guy is right. It is silly to be self-blinded because of your desires. I am very concerned about the lack of proactivity of Apple's board.
A year ago, we were all thinking Apple would sell 60m, even 70m iphones per Q with the arrival of iphone5 (remember, "unstoppable demand"?) . Then, supply issues tried to convince us that it was not a matter of shrinking demand. That may or may not be true; but the real consequence is that the demand, perhaps even because of that lack of supply, end up shrinking. The very same Apple has validated the droid alternatives, leaving low-income markets uncovered, not properly giving the high incomers what they wanted and when they wanted (larger phone, IFC, etc).
Now we are waiting forever some action of the management regarding China Mobile (years hearing this story), cheaper phone, larger phone, stock buyback, higher dividend, iTV (at least two years ago the "cracked" this), iRadio... and nothing at all happens except piling cash absurdly; instead we have lower margins, growth stalled, iphone supply issues, imac supply issues, map app problems, execs leaving the company, competitors providing equal or better products at lower prices, iPad mini cannibalizing his big brother, stock downgrades, options blatant manipulation, and the stock in free-fall, with Cook & Partners doing nothing...
I give up on Apple.
I haven't given up on Apple. I read the same negative market news you do on Apple, yet Apple continues to get great financial results.
Thank goodness Apple doesn't make their iDevices in low wage ugly North Korea, as Samsung does!
@danv2 : actually, the French need to go back to doing things the French way, which is efficient, instead of trying to be a pale copy of the inefficient American system (you know, biggest debt in the world?)
Poor governance is killing France? Really?
-----
Apart from that, whatever Richard says is purely his opinion, and even if true, well the iPhone will be a status symbol again instead of being that phone that every teenage girl carries
Thank goodness Apple doesn't make their iDevices in low wage ugly North Korea, as Samsung does!
Hopefully this is a poorly made joke.
The only South Korean goods made in North Korea, are those produced in the shared Kaesong Industrial Zone... and that's just low tech items such as clothes, shoes, watches, etc.
Various economic and security sanctions prohibit the manufacture or use of higher technology in North Korea.
As of today, Apple's market cap is $402 B. Total debt is $0 from the balance sheet. That makes the total value $402 B - using your formula.
I should have said enterprise value is mkt cap plus net debt. net debt is debt minus cash. given apple has no debt, net debt is negative, which reduces the market cap to the enterprise value, which is the value of the business, removing cash.
The dismal French PMI boded ill for the euro zone's No.2 economy for the next quarter at least.
The Markit services purchasing managers' index fell in March for the eighth month running to 41.3 from 43.7 in February, hitting its lowest level since February 2009.
"The very weak support readings for the president (Francois Hollande) suggest it will be very difficult to go ahead with far-reaching structural reforms that are likely to lift productivity growth in the economy anytime soon, said Michels at Citi.
The socialist in charge of France is finding out that stealing money from people is not as easy as first planned. Many of the rich are leaving the country, after all, who wants to get taxed at 75%? What a joke.
First, no need for super size font (I am getting old, but I still can read normal fonts, you know).
Second, I do not deny times are tough in France, but they also are in many other places in the world, including yours (I could substantiate this with some figures, but I do not want to make my case worse). The world crisis we go through is/will be comparable to the great depression, in my opinion.
About the taxation level and tax policy, may I remind you two facts concerning your own history :
1) Executive Order 6102 is an Executive Order signed on April 5, 1933, by U.S. PresidentFranklin D. Roosevelt "forbidding the Hoarding of Gold Coin, Gold Bullion, and Gold Certificates within the continental United States". The order criminalized the possession of monetary gold by any individual, partnership, association or corporation.
?
2) ?The Hoover–Roosevelt Tax Increases President Hoover radically changed course from the low-tax policies of the 1920s with the Revenue Act of 1932. That law sharply increased individual tax rates at all income levels, with the top rate rising from 25 percent to 63 percent. Following Hoover, President Roosevelt signed into law a series of large tax increases for taxpayers at all income levels. At the bottom end, personal exemptions were reduced, and an earned income credit was eliminated. At the top end, the highest marginal rate was increased to 79 percent in 1936.
So you see, your great President Roosevelt went even beyond what ours decided ! I was not living at that time I do not know whether he was accused of being communist or not. Without any doubt, your present President would be accused of this, should he take comparable decisions (but anyway he is already considered more or less as such by some of you, apparently..).
Comments
Quote:
Originally Posted by mieswall
The guy is right. It is silly to be self-blinded because of your desires. I am very concerned about the lack of proactivity of Apple's board.
A year ago, we were all thinking Apple would sell 60m, even 70m iphones per Q with the arrival of iphone5 (remember, "unstoppable demand"?) . Then, supply issues tried to convince us that it was not a matter of shrinking demand. That may or may not be true; but the real consequence is that the demand, perhaps even because of that lack of supply, end up shrinking. The very same Apple has validated the droid alternatives, leaving low-income markets uncovered, not properly giving the high incomers what they wanted and when they wanted (larger phone, IFC, etc).
Now we are waiting forever some action of the management regarding China Mobile (years hearing this story), cheaper phone, larger phone, stock buyback, higher dividend, iTV (at least two years ago the "cracked" this), iRadio... and nothing at all happens except piling cash absurdly; instead we have lower margins, growth stalled, iphone supply issues, imac supply issues, map app problems, execs leaving the company, competitors providing equal or better products at lower prices, iPad mini cannibalizing his big brother, stock downgrades, options blatant manipulation, and the stock in free-fall, with Cook & Partners doing nothing...
I give up on Apple.
I haven't given up on Apple. I read the same negative market news you do on Apple, yet Apple continues to get great financial results.
Thank goodness Apple doesn't make their iDevices in low wage ugly North Korea, as Samsung does!
Poor governance is killing France? Really?
-----
Apart from that, whatever Richard says is purely his opinion, and even if true, well the iPhone will be a status symbol again instead of being that phone that every teenage girl carries
Quote:
Originally Posted by JoshA
Thank goodness Apple doesn't make their iDevices in low wage ugly North Korea, as Samsung does!
Hopefully this is a poorly made joke.
The only South Korean goods made in North Korea, are those produced in the shared Kaesong Industrial Zone... and that's just low tech items such as clothes, shoes, watches, etc.
Various economic and security sanctions prohibit the manufacture or use of higher technology in North Korea.
.
Quote:
Originally Posted by Richard Getz
Well if the French say it, it must be true!
Orange is a huge operator. I think they know more about this than you do.
Quote:
Originally Posted by jragosta
Your facts are not even close to reality.
As of today, Apple's market cap is $402 B. Total debt is $0 from the balance sheet. That makes the total value $402 B - using your formula.
I should have said enterprise value is mkt cap plus net debt. net debt is debt minus cash. given apple has no debt, net debt is negative, which reduces the market cap to the enterprise value, which is the value of the business, removing cash.
Quote:
Originally Posted by Apple ][
That's funny, this is from today's news:
FAILING FRANCE
The dismal French PMI boded ill for the euro zone's No.2 economy for the next quarter at least.
The Markit services purchasing managers' index fell in March for the eighth month running to 41.3 from 43.7 in February, hitting its lowest level since February 2009.
"The very weak support readings for the president (Francois Hollande) suggest it will be very difficult to go ahead with far-reaching structural reforms that are likely to lift productivity growth in the economy anytime soon, said Michels at Citi.
http://www.reuters.com/article/2013/04/04/us-europe-economy-idUSBRE9330E620130404
The socialist in charge of France is finding out that stealing money from people is not as easy as first planned. Many of the rich are leaving the country, after all, who wants to get taxed at 75%?
And, here's another one:
France ‘heading into triple-dip recession’
http://www.euronews.com/2013/03/22/france-hrecessioneading-into-triple-dip-/
First, no need for super size font (I am getting old, but I still can read normal fonts, you know).
Second, I do not deny times are tough in France, but they also are in many other places in the world, including yours (I could substantiate this with some figures, but I do not want to make my case worse). The world crisis we go through is/will be comparable to the great depression, in my opinion.
About the taxation level and tax policy, may I remind you two facts concerning your own history :
1) Executive Order 6102 is an Executive Order signed on April 5, 1933, by U.S. President Franklin D. Roosevelt "forbidding the Hoarding of Gold Coin, Gold Bullion, and Gold Certificates within the continental United States". The order criminalized the possession of monetary gold by any individual, partnership, association or corporation.
?
2) ?The Hoover–Roosevelt Tax Increases President Hoover radically changed course from the low-tax policies of the 1920s with the Revenue Act of 1932. That law sharply increased individual tax rates at all income levels, with the top rate rising from 25 percent to 63 percent. Following Hoover, President Roosevelt signed into law a series of large tax increases for taxpayers at all income levels. At the bottom end, personal exemptions were reduced, and an earned income credit was eliminated. At the top end, the highest marginal rate was increased to 79 percent in 1936.
So you see, your great President Roosevelt went even beyond what ours decided ! I was not living at that time I do not know whether he was accused of being communist or not. Without any doubt, your present President would be accused of this, should he take comparable decisions (but anyway he is already considered more or less as such by some of you, apparently..).