Rotten Apple

Published on
January 4th, 2019
11 minutes

Rotten Apple

Trade Ideas ·
Featuring Max Wolff

Published on: January 4th, 2019 • Duration: 11 minutes

Max Wolff, co-founder of Multivariate, highlights the current price action in Apple and reveals why the recent selloff may be far from over in this interview with Brian Price. Although he recognizes the company's long-term value, Wolff notes that trade wars, competition, debt, and many other factors impact his thesis. Filmed on January 3, 2019.


  • ev
    ernie v.
    6 January 2019 @ 03:43
    Can you trust someone in finance who feels that have to filter their analysis through a political bias?
    • DR
      Dick R.
      16 January 2019 @ 06:50
      Trump moves markets. There's no point in denying it. And so far, he seems to be moving them down.
  • GL
    Geoffrey L.
    4 January 2019 @ 12:49
    This dude has a political jab every single time he gets on here.
    • MU
      Mo U.
      4 January 2019 @ 15:24
      It's hard not to have one these days...
    • MS
      Michael S.
      5 January 2019 @ 03:58
      I'm glad to see someone taking stand against taco salads!
    • ev
      ernie v.
      6 January 2019 @ 03:38
      agree and when they do that I turn off
  • RA
    Robert A.
    6 January 2019 @ 00:51
    I always enjoy listening to Max. Whether by design or mishap maybe ceding the Alexa home device market to Google may have been a really, really a good idea. Tim Cook is constantly trying to differentiate Apple from Google and Facebook on the Privacy/sharing/selling data issue. IMO, these home “listening” devices and all their Orwellian overtones are NOT where Apple wants to go.
  • MT
    Matthew T.
    4 January 2019 @ 20:23
    What on earth was he talking about regarding debt? They have $130b net cash and are buying back $20b a quarter, so clearly "doing" something. Lots to be critical of regarding Apple, but their balance sheet is at the bottom of that list.
    • DR
      David R.
      4 January 2019 @ 20:58
      Less than 30 years ago, IBM had a balance sheet better than any bank (back in the day when banks were strong & solvent) and enjoyed over 80% of the entire Info Tech market globally. Things change. In the long run Apple is probably doomed and has no future. Remember RCA television? And many others. It cannot compete with Asia in price or technology, and is losing global market share at an alarming rate now. See my post above. And go see yourself in person around the world with boots on the ground, which is the only way to cut through the propaganda.
    • MT
      Matthew T.
      4 January 2019 @ 22:57
      David R - maybe they are doomed or maybe they create the product that disrupts the mobile phone. Who knows, the question is will they have bought back the majority of shares before that happens. At the very least we have 2 upgrade cycles of phones left before people switch to something else (8 years). They're currently buying back greater than 10% of the market cap each year, I like that math.
    • DR
      David R.
      5 January 2019 @ 13:31
      Indeed Matthew, but I said long run. Many dow stocks from 1980 are now out of business, especially any relating to tech (except IBM, an american icon in its second century of operations, is still hanging on). IBM started out by making mechanized cheese slicers. So yep, like you said product change is key.
  • DR
    David R.
    4 January 2019 @ 20:53
    Apple phones are very overpriced and technologically backwards today. Apple sales fell below Huawei ever since second-quarter 2018, as they're much cheaper and better now (for example, only Huawei offers real operational 5G already today, while US is way behind and trying frantically to catch up faster by stealing the IP for it. Hypocrites! Exact same situation with quantum networks, which today exist only in Asia, while US doesn't doesn't even have a working design. Even India will have 5G before US because India (a market 4X as big as US and EU) recently committed to an entirely Huawei 5G solution, and same for Indonesia (nearly same size as US) which signed up for Huawei 5G this autumn. Mexico was going to do the same last month, which is why the US ordered its puppet Canada to do make that unprecedented kidnapping of the Huawei Deputy Chair last month in Vancouver enroute to Mexico City to sign the 5G contract with Mexico. Trump-gestapo tactics: Comparing the 5G and quantum network to the US or EU offerings today is like comparing a Ferrari with a horse carriage... China Huawei 5G and quantum networking is infinitely more secure, fast, reliable and capable. If you haven't tried, you've no idea.
  • IF
    Ian F.
    4 January 2019 @ 18:23
    Absolutely nothing new to the argument here. Yawn. This is considered research these days? I could hear this from any talking head on CNBC or sell side report.
    • IF
      Ian F.
      4 January 2019 @ 20:09
      “Without faith in his own judgment no man can go very far in this game. That is about all I have learned – to study general conditions, to take a position and stick to it. I can wait without a twinge of impatience. I can see a setback without being shaken, knowing that it is only temporary.” ~ Reminiscences of a Stock Operator ~ by Edwin Lefèvre
  • MH
    Michael H.
    4 January 2019 @ 18:33
    interested in list of companies that would be attractive for aapl??? who is the target?? health care services?? thanks
  • YZ
    Y Z.
    4 January 2019 @ 18:12
    Multivariate is so quantitative, yet all he did was a qualitative discussion without much of data.