David Einhorn bet on Apple before Steve Jobs' return - but quickly sold his shares and missed out on a massive profit
before Steve Jobs returned as CEO in 1997 and oversaw the launch of the iPod, iPhone, and other revolutionary products. But the investor promptly sold his shares for a 30% or 40% profit, meaning he missed out on a massive long-term gain."Invest Like the Best" podcast
The Greenlight chief didn't say how much he invested. A $100,000 stake in Apple in 1997 would be worth over $60 million today, based solely on the stock's appreciation and ignoring dividends and any dilution. Greenlight declined to comment.Einhorn bought Apple stock again more than a decade after his first investment.
The mainstream view at the time was that Apple's outsized profit margins would shrink due to fierce competition and smartphones becoming a commodity. Analysts also expected the company to fall by the wayside after Jobs' death in 2011.
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