Doug went long on Feb. 22, and traded it through Feb. 27, buying dips and selling rips, before closing out the position profitably. Between those dates the stock traded between $450 and $444. At the shareholder meeting on the Feb. 26, management only said that it was "seriously considering" returning cash to shareholders. Doug has stated many times that he viewed Apple as a trading sardine, not an eating (or investing) sardine, and that is the philosophy he maintains through the current period. Competitive pressures, the mix shift toward lower-margin products and the capital deployment uncertainty (until recently) supported this philosophy.
Dates of additional trades are below:
- Once again, Doug went long Apple shares March 1 through March 5 but didn't do as well. At this point, Doug had thought the stock was too cheap to pass up.
- Again based on valuation, he started building another long rental on March 11 at $425.50 and was able to successfully sell out for a 6% gain on March 18 at $451.
- On April 3 a new trade was initiated - Doug picked up some shares at $432.30 and took a small loss on the overall trade on April 9th.
- He reentered Apple on April 18 at $390.50, and added more at $387 on April 19. He then sold a tranche on April 19th at $397 and another tranche at $397.50. Doug exited this name before earnings and does not currently hold a position.
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