I have known for a couple of months that Steve Jobs, CEO of Apple, has been seriously ill. I considered that information highly credible. I obtained that information via people who would be in a position to know. I certainly don't travel in those circles.
I love Jobs. He is the kind of a man that every parent hopes their kids will become. Apple is Steve Jobs. Without his charismatic and intelligent leadership, Apple is destined to become just another company. I believe that. It was proven to me years ago when the board ousted the owner and aapl traded like a penny stock. Since his resurrection, aapl has become the icon of the stock market. It trades north of 350.00 bucks a share and I am beginning to believe everybody in this country owns some Ishit. Every hedge fund, mutual fund, retirement fund, and investment bank owns their stock.
So just as soon as Jobs announced his leave of absence from Apple, Goldman Sachs and every other greedy owner of Apple stock started in with the usual damage control. Minimizing what Jobs departure will do. Some cite that the Iphone goes on sale for Verizon. The earnings report, which I expect to be the usual blowout, is expected this week.
I have been listening to the band all morning, playing music on the deck of the Apple Titanic via CNBC. Giant funds can't dump their aapl hordes of stock like small investors can- the only thing they can do is wax optimistic and hope the sheep don't sell. So they can start secretly liquidating positions and looking for the exits. That Apple stock is only down 15 bucks a share, or 3%, is proof positive of the power of these carnival hawksters.
Short term, Apple will be fine. Jobs is too intelligent to leave Apple at a vulnerable time. Apple on paper, looks attractive even at 350 buck levels.
About six weeks ago, I learned of Steve Job's latest illness and battle. It left me in an odd predicament. Should I profit from this news and buy put options? Should I stick it to some anonymous moron who wrote covered calls as insurance? How far out of the money and what time frame should I use? In the end, I simply couldn't do it. I mulled it over for days. Really. That I hate this steroid, POMO induced, zombie stock market was certainly part of my decision. But in the end, I couldn't do it. The reality is simple. Steve Jobs is one of my heroes. I am more concerned with his health than I am about profiting from his predicament. To profit from his misfortune makes me just as sick as the millions of people who will. Oh sure, they will rationalize it. Tell themselves there is nothing wrong with that. It's business.
Noticeably absent from all of the talk today, is that Steve Jobs' is gravely ill. That he is a human being, That he has a family and friends who despite all of the success of Apple are seriously concerned and fearful. There is no compassion for Jobs or his family. No well wishing. Nobody talks about that. Nobody cares. All I've heard is wealth preservation schtick all morning long. The earnings report is tonight.
I am proud that I didn't buy those put options. I am glad that I didn't participate in this sick market that is desperately minimizing Jobs' leave of absence today and keeping the stock price afloat. A market that ignores the feelings of his family. I hope that Jobs' family does not turn a TV on today. I am going to pray for him and his family. I am going to pray for a man who decided a long time ago what kind of a man he wanted to be. The kind of man that we have a serious shortage of. I'd truly hate to try and fill his shoes. The world is a better place with Jobs in it. All those greedy stock owners and traders? Not so much.