Why I am not an economist
There seems to be near universal agreement among the economic cognoscenti that Apple's glory days are over. After all, its last quarter profit was "only" $13.1 billion, or $13.81 a share. Wailing and gnashing of teeth time, what? Nor is that all. Sales rose--rose!--only--only!--18% to $54.5 billion while "analysts" had projected sales of $54.9 billion. Gosh.
To my uninformed eye these earnings seem like a tremendous success story. but the savants disagree. Result? Apple shares plunge about 10% in after-hours trading. That strikes me as insane, but, hey, what do I know?
Well, there is this one thing: that if Apple shares plunge now (as they have periodically in the past), they'll be a lot more attractive to investors willing to looking beyond this faddish panic.
Article printed from Roger’s Rules: http://pjmedia.com/rogerkimball
URL to article: http://pjmedia.com/rogerkimball/2013/1/24/why-i-am-not-an-economist