arguments for apple $aapl

Apple doesn't lower price (see constant/even growing iPhone asp over past three years) and unmatched economies of scale should lead to gross margin expansion in 2012. Then consider that Apple's R&D and G&A are much, much lower than their peers and as a percentage of revenue these expenses are shrinking for the last 5+ years every single year. Tax rates are also falling as revenue mix shifts overseas. Net income % has been up every year for the past 5+ years. I see margins up in 2012 and 2013 for all these reasons.

Sent from my iPhone

On Dec 5, 2011, at 6:17 AM, "Glen Bradford"  wrote:

> These analysts are good at charting trends and forecasting exponential
> growth curves. My question is when does the exponential growth model
> stop holding up? That I don't know.
>
> Sure apple is cheap if you look at their historical trends and
> forecast them forward and they are cheap based on their last few
> quarters projected forward ex cash.
>
> http://boombustblog.com/BoomBustBlog/Yes-That-s-Right-The-Only-and-I-M
> ean-th
> e-Only-Investment/Research-House-To-Warn-Of-An-Apple-Miss-Is-Vindicate
> d.html
>
> http://boombustblog.com/BoomBustBlog/Sliced-Apples-For-Dinner.html
>
> sure reggie is a little crazy, but what happens if their margins get
> cut significantly? Then it is like 32x earnings ex cash and they
> aren't growing..
>
> it's just tough for me... and this worry is why I don't own it...
> maybe I'm stupid. I hope so and I hope you make money.
>
> Do Not Lose,
>
> Glen Bradford
> CEO ARM Holdings LLC
> www.glenbradford.com
> www.armholdingsllc.com
>
>
>
> None of the above is intended as investment advice. I can't  guarantee
> the information I gathered is from an accurate source. I may buy or
> sell any stock or security without prior notice.
> Disclaimer: http://www.glenbradford.com/disclaimer.php
>
>
> -----Original Message-----
> From: Adam Pensack [mailto:adampensack@yho.com]
> Sent: Sunday, December 04, 2011 10:06 PM
> To: Glen Bradford
> Subject: Re: Email List Revival
>
> AAPL will be the big winner of 2012. Check these two sites from 2 of
> the top
> 5 AAPL analysts on Earth.
>
> Aaplmodel.blogspot.com
>
> Postsateventide.com
>
> Sent from my iPhone
>
> On Dec 4, 2011, at 6:49 PM, Glen Bradford  wrote:
>
>> In the past 5 years I spent up till about March of this year
>> believing in
> the Chinese growth miracle. I'm not particularly fond of it anymore.
> Apparently studying fraud in MBA school was no match for the blatant
> fraud of the filings that happens in China. It could be worse...
> meaning that I could still believe their lies.
>>
>> At this point I thought it would be fun to revisit this email list
>> and
> point out the latest news that appears actionable.
>>
>>
> http://seekingalpha.com/article/293357-lee-enterprises-buying-opportun
> ity-of
> -a-lifetime
>>
>> Over the weekend Lee Enterprises announced that they intend to
>> complete
> their refinancing:
>> http://lee.net/newsreleases/pdf/Lee%20NR%20refinancing%20120211.pdf
>>
>> I've been following Lee for some time. I think it's a bargain at the
> present price of anything less than $1.
>>
>> Of course I could be wrong, I obviously was wrong on DJSP and I was
>> wrong
> on anything in China and I will likely be wrong again in the future
> and I could be wrong on Lee Enterprises.
>>
>> Just thought it was worth bringing to your attention. I do have a
>> market
> buy order going in tomorrow morning, I figure that it will fill below
> $1 and Lee will likely be over $3 at some point in the next 12 months
> assuming the markets dont collapse (they could).
>> This is useful in regards to understanding gold and Europe:
>> http://seekingalpha.com/article/248333-inherent-flaws-in-the-gold-sta
>> ndard
>>
>> Note that it is my opinion that there is a lot of systemic risk out
>> there
> at the present time. Prices on average seem high. China is printing
> their worst PMI's in years and Q3 USA earnings are dropping like I
> expected and US banks are cheating on their earnings reports.
>>
>> Overall, I think that things are overvalued, but that doesn't mean
>> that
> they will go down. The most interesting aspect of all of this appears
> to be a large currency war whereby the "winners" tend to hold their
> currencies below the losers and thus experience the miracle of "economic growth"
>>
>> Also note that the last time I looked at my peak oil hypothesis I was
> figuring around Q1 2012 as to when I thought we'd see the next oil
> shock, new all time higher prices might be in store sometime next
> year, but obviously I don't know too much about that either.
>>
>> Lastly, I'll close with the definition of an investment: Finance
> investment is putting money into something with the expectation of
> gain, that upon thorough analysis, has a high degree of security for
> the principal amount, as well as security of return, within an expected period of time.
>>
>> If you like LEE, the other similar company that I like is DEXO. Other
>> than
> that, I still like GOOG and I'm a fan of formula investing through
> Joel Greenblatt.
>>
>> Also, feel free to unsubscribe from this list if you think my advice
>> not
> only historically is terrible but also on a forward basis will
> continue to be terrible. That is to say: I have not learned nor am capable of learning.
>>
>> Glen