NEW YORK (Real Money) -- It was one line in an otherwise fine call, one line that really rankled me.
That line? When Apple (AAPL) CEO Tim Cook was asked about the Apple buyback he said, "So, we're a big believer in buying back the stock, whether the stock goes up or down."
I read it and I said, "Huh? Up or down?" What kind of buyback is that? Some autopilot buyback, one where you give the buyback to a broker and tell him to buy 500,000 shares a day over the course of the day with the best average price possible, regardless of the price for that day?" That's one of those conned buybacks where your banker says he will take care of the buyback and he buys back the same amount regardless of the weakness?
That's the kind of moronic buyback that so many companies have done for years, the kind of buyback I have railed against and, when given a chance to help a company do it, I advise the exact opposite. I say you buy back stock opportunistically and aggressively, waiting for those absurd moments when people don't realize how well your company is and they sell the stock willy nilly because they haven't thought about what they are doing and act with emotions not brains.
Apple must have listened, because its bought back $14 billion worth of stock and it has done so, to quote Tim Cook in today's Wall Street Journal, in a way that is "aggressive" and "opportunistic."