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Ward's avatar

Great info. As an English major I take no umbrage because it is true to a point. However, the investment graveyard also has its share of bean counters. I'm a particular fan of Damodaran's book _ Narrative and Numbers_ you have to have a measure of both. The best opportunities often arise when the narrative has led too many to believe in near term risks like the S iphones or like Amazon's transition away from SunMicro in '03 when I got a little bit at 12 even though the risks in both cases were real the narrative and the general short term focus of most investors led to mispricing.

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Fred Stein's avatar

Ah yes, uncomfortable. Federighi and Srouji can't comfort retail investors, even though they explain in detail why Apple has a moat the size of Lake Huron.

Retail investors get nervous when bobble heads talk about rumors, or lack of a foldable phone, or their endless stream of correlations that have no predictive power at a time when the future is uncertain.

But I buried the lede, "increasing IB, increasing ARPU".

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