Apple: Full Macro Impact Might Not Be Priced In


  • Apple appears to be one of the best companies of all time, and a classic Phil Fisher investment, considering both quantitative and qualitative factors.
  • Currently, the company is trading at a premium to our estimated fair value of $2 trillion, though as it is a superior business it may deserve it.
  • Apple is unmatched relative to its technology peers, shoveling nearly all of its free cash flow into buybacks and dividends and having a manageable amount of stock-based compensation.
  • Conservative investors may want to wait until a better buying opportunity presents itself, though this may never occur.

Introduction and Executive Thesis

At this point, it’s no secret that Apple (NASDAQ:AAPL) is a superior company. Berkshire Hathaway’s (BRK.A)(BRK.B) Warren Buffett is pretty open about his love for the business, saying the following:

If you’re an Apple