The following commentary is from an investment professional with Clear Harbor Asset Management who is a participant in TheStreet's expert contributor program.NEW YORK ( TheStreet) -- Apple's ( AAPL) announcement of a share repurchasing program means that long-term holders of the stock shouldn't mind if its recent spectacular run ends in a sell-off soon. Actually, they should hope that it does. When I purchased shares of Apple last fall, I wasn't betting that the stock would be up 60% just six months later. Rather, I was investing in the accuracy of two observations I was making at the time. First, I thought stock market prices were depressed due to a variety of short-sighted concerns, and Apple shares were under pressure because of the untimely death of the company's visionary leader, Steve Jobs. The company's stock price, at under 10 times Wall Street's earnings forecast for the year to come, looked cheap.
|Apple CEO Tim Cook|