Blain: “Apple Is The Only Thing That Matters Today”

“Every night we smash their Mercedes-Benz, first we run, then we laugh till we cry. We’re flat broke, but, hey, we do it in style..”

I am reliably informed Apple is the only thing that matters today. Matters today and will be forgotten next week. I am sure they will be fine cause I just bot a new Mac-Pro… “Sweet-spot pricing” (which seems to mean about 50% more expensive than the same thing made by another tech company) means they are on course for killer numbers. With PE at 20x I can’t help the world’s most profitable company that actually makes stuff we want to buy looks value (compared to much of the questionable stuff at crazy valuations out there..) But…

I also need to catch up on the new ECB stress tests – no surprise to read on BBerg that Deutsche Bank is likely to struggle in terms of potential losses from complex assets. As for the resilience of Italian banks to a severe downturn and a widening of Italian govt spreads… No S*it Sherlock award on its way to the ECB HQ.

I’ve been focused on non-market stuff the last few days – which gave me a change to step back and think. I get a sense and feel there is change in the air.



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