Apple and the Genius Premium

I’m not sure if it is too soon after Steve Jobs’ death to write this post but I’ve been thinking through it for a while and just want to get it off my chest.

With $AAPL stock getting hit today, moving below the bottom of the post earnings range (390), I’m getting media inquiries asking me about the action and so now is the time to write this up.

Steve Jobs was a genius, a true one, the kind that only comes along once every 50 years, with a transcendent epiphany and just the right circumstances to actualize it in the marketplace. A super rare set of events which set up and then played out over many years.

No matter how good Tim Cook and $AAPL management is, and they are great, it doesn’t and will never really matter.

Sure, some of what we are seeing here with the downside volatitlity is likely earnings related but at least some of it and maybe a lot is the genius premium coming out of the stock.

A delayed and gradual working into market expectations the fact that Jobs is gone and so no matter how much road map he left and no matter how good Cook and co are, it doesnt really matter because the engine of that genius will simply never return.