GAMCO's Larry Haverty : Apple is Extremely Cheap.
January 1, 2013 - 7:39pm
By GurufocusClick HERE for VideoGAMCO's portfolio manager, Larry Haverty was on Bloomberg to discuss his views on Apple (AAPL). He thinks Apple is an incredible value at its current levels. Apple closed at $532 Friday.-- Trades at 6x current cash flow plus they have $121 Billion in cash which is going to $130 billion.-- Stock buyback will be a great return for shareholders at this point.-- While Apple is down, everyone knows the cash story, capital gains. People were sitting on $300 billion in capital gains in 2011 alone on this stock and they want to cash in before the capital gain taxes go high from 15% this year to normal income tax rate-- Apple is the no.1 retailer in terms of profitability, has recurring revenue from iPhones and Apps, has planned obsolecense, has very high returnContinue reading this article »