Waarom de markt negatief is over Apple (Upd.)
Gisteren kon je hier op MacFreak
lezen dat Apple weer een recordkwartaal gedraaid heeft, en de reacties bij dat nieuwsbericht maken duidelijk dat veel mensen het onbegrijpelijk vinden dat zowel de markt als veel nieuwsbronnen zo negatief op Apple reageren.
Voor iedereen die dit bezighoudt hebben we een aanrader,
lees dit uitstekende stuk, dat niet voor niets de titel heeft meegekregen "Why Mr. Market Is Still Wrong About Apple".
Vergeet daarbij niet de link naar de oorsprong van de naam "Mr. Market", die kwam van Ben Graham en het commentaar van Warren Buffett op Mr. Market is wat ons betreft ook de moeite van het lezen waard.
you should imagine market quotations as coming from a remarkably accommodating fellow named Mr. Market who is your partner in a private business. Without fail, Mr. Market appears daily and names a price at which he will either buy your interest or sell you his.
Even though the business that the two of you own may have economic characteristics that are stable, Mr. Market's quotations will be anything but. For, sad to say, the poor fellow has incurable emotional problems. At times he feels euphoric and can see only the favorable factors affecting the business. When in that mood, he names a very high buy-sell price because he fears that you will snap up his interest and rob him of imminent gains. At other times he is depressed and can see nothing but trouble ahead for both the business and the world. On these occasions he will name a very low price, since he is terrified that you will unload your interest on him.
Mr. Market has another endearing characteristic: He doesn't mind being ignored. If his quotation is uninteresting to you today, he will be back with a new one tomorrow. Transactions are strictly at your option. Under these conditions, the more manic-depressive his behavior, the better for you.
But, like Cinderella at the ball, you must heed one warning or everything will turn into pumpkins and mice: Mr. Market is there to serve you, not to guide you. It is his pocketbook, not his wisdom, that you will find useful. If he shows up some day in a particularly foolish mood, you are free to ignore him or to take advantage of him, but it will be disastrous if you fall under his influence. Indeed, if you aren't certain that you understand and can value your business far better than Mr. Market, you don't belong in the game. As they say in poker, "If you've been in the game 30 minutes and you don't know who the patsy is, you're the patsy.
...[A]n investor will succeed by coupling good business judgment with an ability to insulate his thoughts and behavior from the super-contagious emotions that swirl about the marketplace. In my own efforts to stay insulated, I have found it highly useful to keep Ben's Mr. Market concept firmly in mind.
Update: We vonden
dit artikel ook nog de moeite van het vermelden en het lezen waard. In het kort komt het er op neer dat de markt er kennelijk vanuit gaat dat Apple zijn plafond bereikt heeft en niet meer zal groeien.
Gast
