基于蒂姆·库克成功的领导力和巨大的股东回报，说话者长期看好AAPL。

One of the charts that we spoke about last week that Ed Zitron just steamrololled over was Nvidia's earnings, net income over the last 12 months compared to Amazon, uh, compared to Apple. And I said, "Holy [ __ ] this is remarkable." And he go, "No, it's not. No, it's not. It's not real. It's all the markups." "No, it's not. It's not the markups." We looked at operating earnings. It's the exact same chart. Operating earnings for Nvidia, what the business is actually generating.

Is Tim Cook in the conversation for best CEO of all time?

Maybe somebody asked him about Apple. Oh, he's at buy buy natural gas short Apple. Remember that? like that like they'll never they'll never be able to continue the glory of Apple without Steve Jobs. That was very common. That's what most people's assumption was. People sold Apple, oh no Steve Jobs, it's just going to be a device company, right?

So a lot and Steve Jobs set this company up for success because of this idea of having all the products surrounding a software ecosystem and they all work interoperably and um he understood all that way ahead of his time. the iCloud, etc.

This is a 13x increase in the value of each share of Apple. Think about a 13x increase on what was already the largest market cap in the world or one of the largest market caps in the world at that time.

Was it like 400 or 500? What was it? 2011. So, whatever it was, it was in the hundreds of billions. He 13xed.

He launched the watch. He launched the AirPods. I'm not saying he sat in a workshop and built them himself. Johnny IV was there. Obviously, it's a ridiculously deep bench of talent, but he that's under Tim Cook's watch. Steve Jobs died before the AirPods. The AirPods are a category killer. Category killer. The watch everywhere. Nobody was excited about either of these things when they came out, but they can't stop buying them.

he fought off Carl Icon and Carl Icon almost did his prime. Not Carl Icon now in his 90s. Carl Icon in 2012.

But didn't Carlon didn't didn't he get what he wanted? He wanted dividends and buybacks.

I think he wanted way more and he settled for a massive buyback. All the icon only wants return capital to shareholders sell things off. Apple had nothing to sell off so he just wanted them to.

Carl was right. It was the right thing to do. That was an interesting time. Back out the cash. Remember that for a year back out the cash Apple was in 2012. In 2012, the stock was selling at 12 times earnings. And if you backed out the cash, it was closer to 10. They had a they had a substantial treasury of cash that they were holding tea bills in banks all over the world. And the most one of the most famous employees of Apple was the guy who sat in a windowless office in Nevada treasuries man managing the treasury position.

By the way, only company only company I've ever seen where for a year people said back out the cash. I've never heard that put on any other company. There was so much there was so much cash. Anyway, Ford Icon off gave a little whacked them off. ended up ended up working tremendously for shareholders which I will demonstrate with a chart in a minute.

Um navigated the political winds in China, India, Europe and all over the world better than any large company, tech company CEO has been able to do. They like him in Europe. They like him in India. They like him in China.

made friends made friends with both President Trump and President Xi made very good friends think about this with the ruler of China and the ruler of America the two most important markets for Apple somehow walked that tightroppe navigated those relationships and those are make or break relationships if you're Tim Cook you got to get Trump right or else he's going to tariff you into the stone age he did it I think he made a crown for him or something. He gave him an eye crown. I forgot what he did.

Also perfectly managed Apple and Apple is important on two levels. It's the number two market for smartphone sales for Apple and it's where all the manufacturing is being done. And somehow in the midst of two separate tariff wars was able to walk that line. It's unbelievable how good he is.

And by the way, that's his job now. He's stepping back from CEO. He's going to be executive chairman and he specifically said in his farewell letter, I am going to manage the political um relationships that are important to Apple and its supply chain. Like he's going to still continue to do that, which a lot of guys would just sail off into the sunset.

Um, openly gay CEO before this was more common and more accepted. This is the CEO of a Dow component. I mean coming I should coming out of the closet. Yes. like declaring that that he's gay, but everyone kind of knew that he was. Um, again, it's not as impressive today as it was maybe 10 or 12 years ago. It's a big deal. It's a big deal.

2,700% total return for shareholders. So, that's inclusive of dividends from August of 2011 up until yesterday, his last day. Um, I don't know. How many companies do you think have been able to do that? How many CEOs? 15 years. And think about his starting point. He's already got Berkshire as a shareholder and he's already one of the largest market caps in the world. And he's still overseas a tenure of 2,700% total return.

Put this chart up for me, guys. This is not market cap. This is the stock price, the value of the stock plus the dividends. Um, un unbelievable. I'm sure there are other CEOs who have done something like it that I'm not thinking of right now, but can't be a lot on the list.

Uh, Chardov, how about this? $4 trillion in added market cap under his tenure. No CEO other than Jensen. Nobody else.

What you're looking at here is Apple market cap added since Tim Cook became CEO. Per year, $287 billion per year. That's it. Per month, $24 billion a month added per week, per day, per hour, per minute, and per second. He added $9,000 every second of the last 15 years.

On the left, Apple share price change we just went over. In the middle, change in market cap 1,226%. And on the right, this is the change in shares outstanding. So, this is the buyback. They shrunk the float by 44% in 15 years. Unbelievable.

Next chart. Apple's growth since 2011. Services 1,200% revenue growth in the in the Tim Cook era. iPhone 422% growth. Gross profits up 418%. Net income 400%. Revenue up 331%.

Next chart. These are margins. Gross margins are up. This is a consumer technology play. Nobody in a million years ever thought this would be possible. They think of this like toaster ovens. Gross margins up 820 points during Tim Cook's tenure. Holy [ __ ] Look at net margins. Look at operating margins.

Next chart. This is um by product revenue. The red is uh the Mac. The pink is the iPad. Services light blue. iPhone dark blue.

How do they do $30 billion of sales in the iPad? It's unbelievable because because it's a forever product. You just you replace them. You get another one. You get another one. You get another one. People have it built into their lives, their workflows.

think about all the stupid [ __ ] [ __ ] people yelled at Apple to do over the years. Sometimes you should be judged on all the things that you don't do. Okay, so here's a partial list cuz in the interest of time, never bought a Hollywood studio. Never started a streamer. Yes. Never bought a streaming platform. Never bought a film library. Never bought a social media network. Buy Snapchat. Buy Twitter. Right. Right. Right. Move through something poking with a stick. Never did it. Thank God. Can you imagine Apple having to police the comments on a social network? never did it. So smart. It seemed so dumb at the time. The conventional wisdom in 2013, you don't own a social network. You're nobody. Microsoft bought LinkedIn. Meta bought uh Facebook bought um Instagram. Like what do you mean you're not doing it? Didn't do it.

never started a car division. Got close. Project Titan. They almost did a deal with the Koreans and started making cars. Didn't do it. Thank God. No data center capex chase. Never did it. Never bought in. No large language model uh R&D. Never did it. No disastrous M&A. What they buy company from Dr. Dre? They bought Beats for two three billion, right? No disastrous M&A. You have no idea the restraint that that's taken. Think about having $300 billion in cash for 15 years and not doing a deal. Not. Think about that restraint.

Very few flops. The Vision Pro. That's it. They they tidied it up. Yeah. The U2 preload, right? We're going to put U2 on the iPhone 3. Yeah. Like very few of those. So So few that I can count them on one hand.

Green lit theatrical release for the Formula 1 movie. Massive hit. Um, Killers of the Flower Moon. I liked it. Brought Ted Lasso into the world. Made us all smile and love each other for a minute. That stupid show that I don't watch. Anyway, I listen.

Tim Cook's track record. He's done he's done a great job. He's done a fantastic job. thanks in part to Tim Cook. I put him above Jobs. Oh, I should probably disclose. I'm long I'm long Apple.

I'm long Apple.