Let’s talk about Apple to terms of dip buying, if you will, Morgan Stanley today. Eric would ring the analyst there sticks with it. He cuts his target though he says he’s still overweight. He does rate it with 210 as the price targets at 165. Now that’s down from 2:20. So it’s it’s a slight come down on the on the target Joe, He stays with it. You again have this June event WWDC looming. So maybe there’s not going to be a a whole cavalry of negativity getting ahead of an an event like that B of A names it as its top pick for the year. What do what do you think here? You got into Joe T Yeah, look, it’s it’s very difficult for me to be able to offer commentary on Apple because I’m conflicted personally and what I see in the rules based strategy. The rules based strategy is incorporating technicals and to your point before fundamentals can change and technicals might not reflect it or technicals can change and the fundamentals remain the same. I’m not so sure that in the case of Apple, it’s not a scenario in which the technicals have deteriorated. And I don’t know if the fundamentals are consistent with that. I don’t know that the fundamentals while the revenue growth is slow, while China is a headwind, I don’t know if it’s concurrent with the type of technical deterioration you’re seeing. So I have to acknowledge technically the stock looks like it now has negative momentum. That’s that’s for certain. On the fundamental side, in June, I would be surprised if Apple didn’t deliver on AII. Mean two weeks, 2 weeks ago, the stock looked like it was getting its mojo back. Yeah, it was at 175. Based on that, on the announcement day announcement where you had the back and you had the best stock performance for Apple in something like a year based on that announcement you did. And it was, there was clear enthusiasm and I was part of that enthusiasm surrounding the premise that now AI is going to finally be introduced by Apple into the products that it’s giving to its consumers. Hopefully in June you get more information on that. But the runway is long until June. And during that period, really, technicals are what ultimately is guiding me. And the technicals don’t look good for the stock. They don’t. All right. So again, buying the dip, looking at something that’s come down a bunch and saying I’m going to add to my position. That’s what Kevin Simpson has done and he joins us now because Kev, it’s good to see you. So it’s about 4% allocation for you now. You started buying it 184. You bought more as its stock fell to 174 and last week you bought more at 165 and that’s where it currently sits. Take us through the thinking here. Yeah, well, we like the long term thesis of Apple because of its cash flow generation headlines can be exciting if if we mention the word AI and we have the carnival, the fair, the the big day next month where I think they will introduce it. But it’s the cash flow for us. If you remember Scott, back around Thanksgiving, we sold the position around 190. We love Apple, we just don’t always like the price that it trades at. So we bought a little bit like you said in the low 180’s, a little bit more in the 170’s. Yet on Friday there was an opportunity to get into 165 which we did. We still have a 1% allocation that we can add to and that we will because to Joe’s point, we don’t think that we’ve called the exact bottom here. But for us, we like the stock down here. We think it’s a good name to accumulate and we will buy more on weakness. Now, one thing you don’t want to see is for the stock to continue to go down to perpetuity. That wouldn’t be great. But down here at these valuations, we like it for sure. What are you thinking about the the Nasdaq’s correction pullback? You can call it whatever you want, but you know, Friday was a bit of a wake up call for people. Yeah, not not looking at the NASDAQ specifically, but at the S&P 500, I think we’re only 5% off the highs and we always expect 10% pull backs to be a regular occurrence within market behavior. We didn’t see anything for five months. It was just like, you know, straight up every day. So nothing would surprise me in, in terms of another 5% draft down simply because we’ve been a little bit ahead of our skis. We priced everything to perfection and we, we clearly see with inflation and then the the results and the behavior of the Fed in terms of their commentary that we’re not in that same perfect mode that that we were hoping for. But another 5% pullback. Is, is, is is normal, It’s healthy and we’ll continue to be buyers. We have about 10% dry powder right now. Kev, next time I see you, I’ll go through a number of other moves that you have, but I want to move on. We’ve got a lot of stuff still to get to. I appreciate you coming on about Apple. That’s Kevin Simpson joining us.
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