01-16-2013, 09:59 AM | #61 | |
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And I'm harping on this only to point out that silence on the part of Apple tends to confirm the rumor. That's how I read their silence. And I'm sure many on Wall Street are reading it that way too. As for journalists, to a large extent they've always used one another as sources -- ie, the AP, UPI and other wire services have frequently formed the basis of stories for many of the same mainstream newspapers. --Pat |
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01-16-2013, 10:00 AM | #62 | |
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CEOs are hired by shareholders. The boards tie compensation to stock price because they want the CEO to share their priorities. The only way to avoid this is to patronize privately held companies. |
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01-16-2013, 10:04 AM | #63 | |
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Nowadays stocks are traded for speculation rather than investment, and all many shareholders are interested in is the greatest short-term result possible before the sell and move to something else. Those priorities are diametrically opposed to the priorities of a long-term owner. |
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01-16-2013, 10:07 AM | #64 | |
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That is, there is a story which is not verifiable enough for a newspaper to run it. However, if a blog posts it, the newspaper will then run a 'X is reporting...' story, and report on the reporting. It is just an end-run around their obligations to do thorough research. |
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01-16-2013, 10:09 AM | #65 | |
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If that chart isn't clear, look here: http://www.businessinsider.com/chart...ormance-2013-1. Maybe it's been going down because of the reaction to the new size of the iPhone; maybe it's been going down because of the amazing Apple maps. The reason why the latest values are important is that the stock went below $500, which is a psychological importance. Rumors of Apple's downfall have been constant over the past few years, and the only reason why these look more important than the previous ones is because they coincided with the stock drop below an important psychological value. |
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01-16-2013, 10:10 AM | #66 | |
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01-16-2013, 10:12 AM | #67 | |
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A expectation that incorrect rumours will be denied gives a competitor the ability to go fishing for such facts, and the ability (through absence of denial) to infer which of those facts are true. As a (very poor :-) ) example, let's say I'm an Apple competitor and interested to know if Tim Cook is leaving - I simply start a rumour saying that inside sources report that he is leaving. This meets your criteria - it's a statement of fact and it would affect stock price. With your approach, Apple would be forced to confirm or deny this. A similar approach could have been taken in the past with regard to Steve Jobs' health. There are lots of other things in different areas which would also be interesting - even in the case of the rumours in question, don't you think that knowing whether or not they are true is of interest to Apple's competitors? /JB Last edited by jbjb; 01-16-2013 at 10:15 AM. Reason: clumsy phrasing improved |
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01-16-2013, 10:25 AM | #68 | |
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Regulations in many (most/all?) jurisdictions require directors to run the company in the interest of the shareholders, and don't make the distinction between long-term and short-term holders. That's really just an aside, though - I completely agree with you on your principal point that it would be much better for directors to concentrate on building a sustainable, profitable, growing business and pay less attention to short term stock fluctuation. The UK used to have a Capital Gains Tax system which encouraged longer-term holding of shares ("taper relief"), but that was stopped in 2008. /JB |
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01-16-2013, 10:25 AM | #69 | |
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Now back to the usual rumors and speculations. |
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01-16-2013, 11:34 AM | #70 | |||||
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So denying incorrect assertions of fact is not new for Apple, especially for those bogus rumors which gain a lot of traction. Rightly or not, their silence on this latest rumor will only be read as an indication that the information is correct. --Pat |
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01-16-2013, 11:38 AM | #71 | |
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/JB |
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01-16-2013, 11:44 AM | #72 | |
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If their stock has been falling due to tangible, real things (ie, size of phone, maps app) then that is different than it falling due to misinformation. You don't need false information to contribute to a plunging stock price. Apple has not hesitated in the past to dispel rumors that could impact its stock price (see preceding post) so I'm not sure why they would hesitate now. One can only read their silence as an indication the rumors are more true than not. --Pat |
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01-16-2013, 11:48 AM | #73 | |
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Well, my point is, if they can deny a harmful rumor, they will. If they can't deny it because it is true, they won't attempt to. --Pat |
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01-16-2013, 11:52 AM | #74 |
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01-16-2013, 11:56 AM | #75 | |
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And, as I said, their silence will be read as admission that the rumor is true. --Pat |
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