Codywillard

In his letter to Apple today, Carl Icahn lists a litany of reasons why Apple’s stock is undervalued and how to get it up closer to what he thinks is fair value right now. I’d like to welcome Carl Icahn, once again, to the “Apple’s undervalued” camp. But I think he’s missing the main reason that Apple isn’t at $200 right now — and that is because it is and always now will be, Steve Jobs-less. I’ve proudly owned Apple since it was trading for less than the cash on its balance sheet, back $1 per share back in March 2003, in large part because I thought that with Steve Jobs having returned as CEO that Apple was poised to become a great Revolution Investment. One of Steve’s greatest attributes was that he was willing to take huge risks and develop crazy new products (like an MP3 player with a scroll wheel on it or a tablet computer called iPad) and platforms (like iTunes or iOS). The biggest (only?) risk that Tim Cook’s had Apple undertake is the upcoming Apple Watch. If Steve Jobs were running Apple today, the