Gotta love this scribd document from 2005 …
On page 39, Bruce Greenwald opines about Apple:
the customer base is not growing so the earnings base is unsustainable —and they haven’t been. Apple
has made pitiful amounts of return on its capital interrupted by bursts of enthusiasm for the stock when the
stock goes up. I don’t think a smart value investor will invest hoping for bursts of enthusiasm. You invest when
the price is well below asset value
In retrospect, not terrific advice. Since about jan 2005, AAP returned 2607%, compared with the Dow if 32%.