I’ve had a lot of fun watching the circus surrounding Apple’s unveiling event today. I even spent most of my lunch break watching Apple’s Stocktwits feed. Never have I seen such a combination of intelligence, overconfidence, absurdity, naivety, desperation, backpaddling, un-backpeddling, re-backpeddling, and general confusion. I loved every minute of it.
Day traders are a never-ending source of entertainment for me. And I couldn’t resist stoking the fires a little bit myself:
I’m sure there are plenty of extremely sophisticated day traders that consistently make money. But I am not one of those people. Unfortunately, neither are many of the day traders.
But back to Apple: the event went extremely well for long-term Apple shareholders like me. Apple delivered everything that reasonable shareholders could have wanted. First, there will be two new iPhones with larger screens and numerous other feature upgrades. Second, Apple unveiled a brand new device that you can wear on your body and, no matter where you are in the world or whether it’s day or night, the gadget can tell you exactly what time it is at all times! It’s accurate down to the very second! And it probably does some other cool stuff too.
The “Apple Watch” (or “iWatch” as everyone will undoubtedly still call it) is Apple’s first new major product line since the iPad. But as far as shareholders are concerned, it shouldn’t be considered the big revolutionary news of the day. Apple also unveiled “Apple Pay” (or “iPay”), which is a mobile payment platform. Tim Cook said during Apple’s presentation that the goal of iPay is to make wallets (cash and credit cards) obsolete. If that isn’t an exciting prospect for shareholders, I don’t know what is.
As far as the share price reaction goes, it was just another day of trading. AAPL was all over the place today, but it closed slightly down on a day where the overall market took quite a dive. Of course I was disappointed Apple stock didn’t jump 10%, but I got plenty of enjoyment watching all the chaos today during the crazy volatility.
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