AAPL Apple Inc.

Valuation

Big Five 7/15 tests ≥10%

Discussed on InvestED 8 episodes

• 396 · Timing Your Exits
  After a long detour into US versus European venture capital and a regulatory complaint, Phil and Danielle ask whether tech companies need a different exit plan; Phil's answer is that predictable ecosystem moats can be held, while "creative destruction" tech should be bought on sale and sold at intri
• 112 · Berkshire Hathaway Shareholder Meeting & Apple Stock
  Phil and Danielle go through the 2017 Berkshire meeting (Phil watched the live stream): why book value understates Berkshire, why Buffett won't promise to buy the stock at a set price, how he now sees Apple and IBM, what he and Munger missed in Amazon and Google, and a CEO-polling trick for sizing u
• 491 · Google Brainpower
  Phil argues that Rule #1 investing rewards discipline and a growing circle of competence more than IQ, and that small investors have an edge because small businesses can move their needle; then the pair use the Google antitrust case to show how to game out the worst case for a business you understan
• 025 · Looking For Events and Buying Companies That Are on Sale
  Phil works through real events (Horsehead, Apple as a non-event, Gildan, Goldman Sachs), showing that a good event is a temporary, fixable problem at a business you understand and that is clearly priced below value.
• 361 · Investing in Uncertain Environments
  When the world is at its most frightening, wonderful companies go on sale because institutions must sell, so the method stays the same: understand the business, its moat, management and price, and revisit old "no" decisions.
• 376 · Netflix (Part 3)
  Using a listener's question, the hosts test Netflix's moat with Phil's "could a rival with all your market cap beat you?" thought experiment, locate the moat in its recommendation data and content pipeline, and close the loop on amortization versus cash spent on content.
• 079 · Back to Basics: Are You Capable of Understanding the Business? (Pt.2)
  To judge whether you can understand a business, ask whether reading about it is fun or a root canal, build understanding by using the product and reading its history and the company's own filings, and keep humility without self-doubt, since you will always overestimate your grasp of risk.
• 093 · \"Quick n' Dirty\" Valuation
  Phil shows how he screens a company in about 45 seconds: check the historical numbers, look at the growth trend, take the analysts' growth rate with a pinch of salt, run a rough margin-of-safety calculation, and then use Cal-Maine to show why you still have to understand the business.