Gundlach, short AAPL since April from around $610, humbly admits he has been "sort of right and sort of wrong." Solid perspective.
He also lamented the loss of Steve Jobs. The innovator is gone. There's another thing I agree with.On Apple, Gundlach and I share sentiment. That should make me happy. I am in the company of a market God. In this world, that often leads to an article crowing about how right I have been all along. Label the remaining AAPL bulls clueless peasants and call it a day. But I can't do that. It would be disingenuous. And, to his credit, Gundlach isn't disingenuous either. You can smack that tag on about 95% of the financial media, though. The media chose to ignore what really happened to AAPL on Wednesday (and will likely happen on several occasions between now and the end of the year) in favor of the frantic part of the story. Here's the score. This long-term downfall that Gundlach sees happening -- and that the media harped on Wednesday -- is somewhere between six to 12 months out, if it even ever happens. I don't buy the notion that, all of a sudden, the market is this well-oiled, forward-looking machine. If it was, AAPL would have sold off the day Steve Jobs expired. And stayed sold off. Instead, it's up 50% since Jobs's death. And that's after recent weakness. The "market" didn't just wake up sometime in September and decide, "yeah, now's the time to dump this thing; it's over." Because it's not over. AAPL should still be the stock it used to be during periods of volatility and uncertainty. I recall late summer 2011. The markets got volatile. We saw more than a few days of triple-digit losses in the Dow.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts