This Apple Bull is Raging Against Naysayers
Apple (NASDAQ:AAPL) specialist Andy Zaky, who runs a hedge fund focused on the iPhone maker, is frustrated by all the recent bearish opinions on the company’s stock. In an angry post written on his Bullish Cross blog, Zaky said naysayers were simply trying to “stir up controversy” by offering negative predictions about the company despite there being “no legitimate reason to criticize Apple.”
Zaky mentioned articles by The New York Times’ Joe Nocera (‘Has Apple Peaked?’), The Street’s Rocco Pendola (‘If Steve Jobs Were Alive, He Would Fire Tim Cook’), and Seeking Alpha’s Leonid Kanopka (‘The Apple Bubble is Ready to Burst’), but gave special treatment to Seabreeze Partners president Doug Kass, who recently made a 10-point argument for why Apple had lost “its mojo.”
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“Instead of embracing [the] 678 percent gains Apple has generated for its investors over the past few years however, Doug Kass has chosen to take the bear side of the trade for the same misguided reasons that every other Apple Fail Bear decides to do so,” Zaky wrote. “It’s because he actually knows very little to nothing about the company.”
In his post titled ‘Apple $1000: Why Doug Kass will miss the next 50 percent move,” Zaky stressed on his earlier prediction that Apple will touch the $1000-per-share mark by January 2014 and insisted that the company was far from peaking, an argument repeatedly made by its bears.
“Those who failed miserably at calling the top at $200, just simply did not understand this concept,” Zaky wrote. “Anyone who attempts to call the top on Apple right now, just simply doesn’t understand the company … Apple will not peak before it reaches $2000 a share. And that is a statement made with a complete understanding of the size and scope of the smartphone market, what that size will do for Apple’s earnings and the extremely cheap valuation that Apple would have to trade at in order to be at $2000 a share. It’s going to $2000 a share before the close of this decade.”
Zaky also mentioned other articles from Kass’ past, and when Apple was trading below $100, where the fund manager advised investors not to buy into the company.