Monday, August 27, 2007

Good buy on Apple

Let's just say I do not have the best timing in buying stocks. As a penniless student, I advised my father to buy Amazon in the early 1980's (he didn't, hence the reason I am working fulltime). I also was about to buy McDonald's several years ago, after it's stock fell so low that it's book value was greater than its market value. And finally, I advised my Dad to buy Apple stock (I was still penniless) 2 months post-Steve Jobs, when it was something pathetic like $10/share. For those of you who don't follow the market, it would have been a good buy.

Well, with the complete meltdown of the stock market due to the secondary mortgage debacle - Apple took a nose dive the last couple of weeks - to actually make it look attractive. Realizing if I bought the stock for myself, it would just tank faster. I decided to just buy it for Patrick (some liquid Roth money sitting around). Turns out it was a good buy - up about 20% from 10 days ago. Oops, it's going to tank now.