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Is The Apple iPhone The Biggest Mania Of Our Time?

Published 09/23/2012, 06:43 AM
Updated 07/09/2023, 06:31 AM

I haven't done an Off Topic post in awhile, so I thought it might be appropriate to do one regarding what occurred in Australia this week. As you probably know by now, Apple (AAPL) launched its iPhone 5 globally and Australia was the first place to officially start selling it (due to the timezone). The video below is from George Street in Sydney, where I used to live several years ago. I am totally stunned at the whole footage.

south-sea-panic
The question I would like to discuss is whether or not you guys believe Apple is a real mania? To me, this whole thing is totally ludicrous. Absolutely absurd. Maybe it is just me, but when I view the way everyone has gone totally mad, with frenzy and euphoria, about these telephones... yes, that is all they are, just telephones (we haven't yet cured cancer or reached world peace)... I think that the obsession society currently has towards Apple, which is discussed daily on all news channels and hourly on finance news channels regarding where its share price trades, is similar to the obsession society once experienced back during the Tulip Bubble.

AAPL
As a disclosure, I would like to inform all that I am short Apple stock with Out of Money (OTM) put options that are long dated quite a few quarters out from here. Majority of experts on financial networks like CNBC and Bloomberg have prices targets from $750 to $1650, so they clearly seem to think Apple is still amazingly cheap. After all, what do I know? I still own iPhone 4 and iPad 2...

Below you may find the video.

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