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Doug Kass's Trading Sardine: Apple

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.
At the time of publication, Lindsey Bell had no positions in the stocks mentioned.
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