Apple

David Tepper Bought A Football Team With Apple Profits

A year ago, David Tepper and several of his ilk were of the opinion that Apple shares had gone about as far as they were gonna go, which is to say to $150, and sold some. Then he had a change of heart and starting buying again, and buying a lot, building up a tidy 4.6 million share position. And he’s sure glad he did, and that he was wrong about Apple not being a $150 stock, because during the first quarter, when he unloaded all of them, it was more like a $180 stock. Those profits sure did come in handy, because at the same time he was selling the shares, he was buying a $2.2 billion football team. At Tuesday’s prices, the sale of 4,587,852 shares would be worth more than $853 million…. Tepper likely saw a hefty profit thanks to the appreciation of Apple even in recent months. Since Novem...

Everyone Can’t Be Buying The Panthers, So What’s Your Excuse For Selling 153 Million Apple Shares To Omaha’s Favorite Grandpa?

I’ve been a rather vocal critic of the whole “just buy the damn robots” narrative from the time it accidentally went pseudo-mainstream and I’m a big(ly) believer in the idea that sooner or later, everyone crowding into FAANG is going to end up in tears whether it’s from some new regulatory bombshell or maybe just a shift back to value from growth. On the former (the crowdedness of that trade), it’s taken the top spot for four consecutive months in BofAML’s Global Fund Manager Survey and everyone knows that thanks in part to the dynamics described by Howard Marks in his “perpetual motion machine” piece published last summer, these names have been driven inexorably higher by a self-feeding dynamic that has begun to approximate autopilot. (BofAML) As far as the latter point (a shift back to v...

China Loves U.S. Companies, Not American Workers

As the Sino-American trade war heats up, Chinese partisans are quick to point out that in terms of revenue, American companies are far more dependent on China the massive $375 billion bilateral trade deficit might suggest. Roughly a dozen Fortune 500 companies rely on China for more than half their revenue, and the Chinese argue that neither the Japanese nor the Koreans were this open to foreign companies at the same stages in their developments. Deutsche Bank took up this line of argument this week, issuing a research report that highlighted $223 billion in sales done by Chinese subsidiaries of U.S.-based companies in 2015. According to the note,“General Motors sold more cars in China than in US last year. There are 310mn active iPhones in China, more than double the number in the US. The...