Back on November 11th, Jim Cramer said that times have changed for Apple due to the passing of Steve Jobs.
I heard about this from an investment forum since I don’t watch CNBC. Here is the video proof as well as text transcript. Back then, AAPL was trading at around $385 (after coming down from a previous high of $422 set back in mid October). There was at the time, unsubstantiated rumors about poor iPad and iPhone 4S sales (the latter being idiotic because the initial weekend numbers released by Apple showed that its demand was even greater than the iPhone 4). If he was going to buy, he was waiting for it to go substantially lower. The lowest it got from that point was $363 (a mere BFD 7% lower is not substantial in my book). Seems like this clown missed the best buying opportunity on this next leg up.
I’ve posted before about he is one of those who thinks they get Apple but in reality, don’t. Everything about his take was wrapped around Jobs when the reality is that Apple has talent deep down in the bowels of the company. He of all people says that with Jobs at the helm, you could give the company the benefit of the doubt and essentially buy whenever the opportunities presented itself. What kind of strategy and lack of due diligence is that? A smart investor ALWAYS evaluates the situation and performs what-if scenarios, never taking blind faith as a solution. It’s why I have that “disclaimer” tab at the top outlining my philosophy and why no sane person should even take what is written here at face value either. Anyone who does without doing their own personal due diligence isn’t doing themselves a favor as my investment style is based on my personal risk tolerance and time horizons. It’s why I’ve taken a non-status quo approach by investing in companies that I pick and learn/follow as closely as possible, rather than following a blind diversification scheme where the ROI usually ends up returning to some pitiful mean average. I’m on a quest for getting the most bang for the buck within specific time frames.
Now I thought my crystal ball was one of the worst out there. Reality is that Jim Cramer’s one is even worse. His mindset is still one of a trader and not a long term investor. He makes these outlandish calls one day, and goes full on reverse without any sort of detailed explanation or accountability for his previous calls. Now I read from other posters (on those investment boards) that this same man is gushing all over Apple again, seemingly forgetting what he said on the air (and preserved for posterity online for all to see) not very long ago.
