Oh, that’s right, I did back on June 29th (“Apple Puts Are A Good Bet”) when Apple was trading at $170. I
took some heat from Beltway Greg who was calling for $260 but I stuck with my guns. Specifically, as the consumer has their wealth eroded by falling real estate prices and higher fuel costs, one of the first discretionary items to go will be expensive “iProducts”. There are plenty of great smart phones and mp3 players on the market at far cheaper prices.
No charts, no deep industry analysis. Just daddy’s good old common sense.
Add on to this the fact that AAPL didn’t even budge when they announced 1,000,000 3G iPhones were sold in their first weekend – and investors should have quickly realized that Apple was priced for super perfection.
Regards,
George