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Pursche: Apple $800? What Was I Thinking?

Then there seems to be this very nasty, very public, and in my view, very unnecessary fight with that nice young man at Greenlight Capital. Yes, I understand that if he was a long-term investor, he might look at the value that's been unlocked over 10 years, but that's not what's happening. What he's looking at is what's happened over the last six months. And believe you me, when you shorten your time horizons, it's amazing what a different world it is indeed!

I read in a research report that you and Samsung together have 103% of the smart phone industry profits. My current pique notwithstanding, I will admit that grabbing so much of the profits that you give many of your competitors a loss is a pretty good trick. But just so we are clear, my expectations are losses for everyone! Except you, of course, because now that I've bet my good name on the fact that you will someday soon put a comma in the price of your stock, I'm very anxious that you get on with things and do it.

Very truly yours,
A Frustrated Shareholder

Editor's note: Oliver Pursche, who co manages the GMG Defensive Beta Fund (MPDAX), owns shares of Apple and is buying more -- predicated on the belief that Apple's management will ultimately be self-serving and do what is necessary to resurrect the stock price.
Oliver Pursche is President of Gary Goldberg Financial Services, a boutique money management firm located in Suffern, NY. Additionally, Mr. Pursche is the Co-Portfolio Manager for the GMG Defensive Beta Fund, and a Founding Partner of Montebello Partners, llc. In his role as President of GGFS, and as a member of the GGFS Investment Committee, Mr. Pursche helps oversee the investment portfolio of over 2000 clients with over $500 million dollars in assets. Mr. Pursche frequently provides market and economic commentary on CNBC and Fox Business News, as well as often being interviewed by The Financial Times, US News and World Report, Thomson Reuters, Bloomberg Businessweek, and the Associated Press regarding his and the firms views on the latest market news and events. Mr. Pursche's views on the market and investment strategies have been featured in the Wall Street Journal, Investors Business Daily, Smart Money, USA Today and other national business publications. In addition to writing for TheStreet.com, he is also a weekly contributor on Forbes.com and BankRate.com. His daily market commentary can be read at www.betafundcommentary.com or you can listen to him on www.financialtalkshow.com weekdays at 10:00 AM.
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