Apple, Inc. (NASDAQ: AAPL) and the world lost a visionary this week when Steve Jobs passed on Wednesday, October 5th. He changed our lives by changing how we listen to music, talk on our phones and interact with computers. Apple has brought us the iPod, the iPhone, iPad, iMac, etc. He was certainly a dynamic force.
While Jobs didn’t do it all on his own, he built a solid company around him. We wouldn’t own and recommend the company’s stock if the fundamentals were not there. We believe a company like Apple has at least two to five years worth of product innovations in the works. While the loss is significant, the company stock held up on Thursday, only closing down 0.40%.
We remember in the early 90s when Apple stock traded at its cash value per share and the company had fired Jobs. Jobs was absent from Apple for 11 years, and in the meantime, developed Pixar, which sold to Disney for $12 billion. Steve Jobs’ basic philosophy was to work at the intersection of art and technology. Looking back at his career, we believe he met that goal.
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