On Wednesday, I told you about my friend Pete, who passed on recommending Apple Inc. (NASDAQ: AAPL) to his Wall Street clients decades ago.
This was back in 1997, around the time the late Steve Jobs returned to run the Silicon Valley legend. Since then, the stock has gone from a split-adjusted $0.78 a share to $312, where it trades today. That kind of gain could turn $10,000 into more than $3.8 million.
Today, I have another anecdote to share with you. This one involves a friend I'll call "Steve."
In the summer of 2012, Steve told me over lunch he had recently sold all his Apple stock. He said he did so because he felt the new CEO, Tim Cook, would never match the innovation that occurred under Jobs.
Unfortunately, both of my friends missed the boat on Apple – and left a lot of money on the table.
I know Steve wasn't alone in thinking the Apple magic was over. It's smart to consider what could happen when a company gets a new leader – especially when the one being replaced was widely regarded as a "visionary genius," and when the stock had been so good to shareholders. Investors and media both questioned what Apple would become under Cook.
Apple has continued its historic run, rising as much as 395.6% in a little more than eight years. And it keeps reaching new levels, hitting its most recent closing high just last week.
About the Author
Michael A. Robinson is a 35-year Silicon Valley veteran and one of the top technology financial analysts working today. He regularly delivers winning trade recommendations to the Members of his monthly tech investing newsletter, Nova-X Report, and small-cap tech service, Radical Technology Profits. In the past two years alone, his subscribers have seen over 100 double- and triple-digit gains from his recommendations.
As a consultant, senior adviser, and board member for Silicon Valley venture capital firms, Michael enjoys privileged access to pioneering CEOs and high-profile industry insiders. In fact, he was one of five people involved in early meetings for the $160 billion "cloud" computing phenomenon. And he was there as Lee Iacocca and Roger Smith, the CEOs of Chrysler and GM, led the robotics revolution that saved the U.S. automotive industry.
In addition to being a regular guest and panelist on CNBC and Fox Business Network, Michael is also a Pulitzer Prize-nominated writer and reporter. His first book, "Overdrawn: The Bailout of American Savings" warned people about the coming financial collapse - years before "bailout" became a household word.
You can follow Michael's tech insight and product updates for free with his Strategic Tech Investor newsletter.