Saturday, July 4, 2015

1st Half 2015 Fund Performance Update Letter to Investors

 Dear Partner,

During the 1-st half of 2015 (Jan 2 – June 30th), the Green Valley Fund (“GVF” or “Fund”) appreciated by +26.1% on a gross return basis. Since the inception of the “GVF” on March 1, 2014, the Fund has appreciated by +73.8% before LP related allocations.

2014 (from 03.01.14)
Since Inception (03.01.14)
GVF Gross Return
+26.1% (YTD)
S&P 500 
+13.6% (full year)
-0.14% (YTD)

Fund Performance

During the first half of 2015 (close of June 30th, 2015), our fund has appreciated by + 26%, while the YTD S&P 500 (ETF SPY) Index has returned – 0.14% and Dow Jones Industrial Average (ETF DIA) has returned – 1.34%. This result should not make our partners to assume that future will be like the past. I would strongly advise not to project our future profitability on the back of 1H 2015 results. In essence, our primary goal is to have a rate of return no less than 35% and preferably higher on an annual basis. In addition to that, we are full aware that there will be a time when our judgment will be wrong or the general market conditions might affect our performance. Despite the fact that our major goal is to have absolute returns, S&P and DJIA are two benchmarks that we use to measure our performance against.

Portfolio Related Events
In the early part of the year, we had established positions in a number of industries, such as healthcare, energy, telecoms, technology and financials. The portfolio has been well diversified, across the number of companies that we believed would drive our performance. However, beginning from the early part of May, we had a number of positions in a financial sector that dragged our overall performance lower. We have a view that in a near future (3-6 months period), the markets might see a major correction in the range of 10% or more. Therefore, starting from June 15th, we have either completely sold off or reduced our positions in a number of companies. By the end of the 2nd quarter, we had nearly half of our capital sitting in cash or short term safe investments. However, the members of our core portfolio is still intact.

Investing Tenets

In general there are several tenets that we follow in building a portfolio of companies.
1.       First, we have to make a little confession though. Macroeconomic events, that are taking place in the world, though do affect the way many businesses make decisions, invest and grow. However, it does have no effect on the processes of business analysis that we undertake with each and every company. In our mind, there is absolutely no bearing of economic events to how companies should be evaluated. Case in point is the latest developments in Greece with its creditors. We actually used the opportunity in drop of prices in a number of companies due to the fear from Grexit.
In general, it has never been a good policy to base investing decisions on macro events, such as political intricacies, interest rate predictions or fiscal/monetary policies of certain countries. The reason for that is very simple; we believe that nobody has any predictive power to know in advance what will be the outcomes of macro events. Therefore, our motto is to “concentrate on things that are knowable and important, than waste time and energy on things that are not knowable and unimportant”.
2.       In our mind, a balanced portfolio has to have both elements of growth and value. Which entails being long on the names that has a sizeable upside potential and the names that have recently been lost out of favor due to various factors. The first ones (growth) are generally volatile in their price movements, while the latter ones (value) are not. However, as we don’t try to predict the short term price gyrations of companies, it has almost no relevance to our investing philosophy. Because, once we purchase shares, we become a long term holders of equities, alternatively up until the point where company has changed its business model, become seriously overvalued or had made irreversible mistakes. In addition to that, sometimes we find better opportunities in terms of capital appreciation, which makes us sell our current holdings to use on other more profitable ideas. Given the fact our fund has a tiny amount of capital in comparison to major hedge funds, it is to our advantage to be nimble in our approach to buying and selling stock more actively taken into account the risk/reward calculations.
3.       In terms of value plays, the appraisal of the business’s intrinsic value is very important, as well as having a margin of safety in place. While we might make mistakes in our calculations, the margin of safety should serve us a safety mechanism in the case of downside. Even the best businesses of the world, can’t be considered as the best investment vehicles, unless they have attractive valuation. In the short term prices might gyrate, and it might keep us from utilizing capital more effectively.
4.       In any business endeavor, the quality of management should be a cornerstone of any investment thesis. We study the records of management very intensely. Great managers make investing decisions easier to take.

Final Remarks

We define investing as “acquiring and holding quality securities at suitable prices”. We are not trying to predict the short term movements but consider ourselves to be partners in companies that we are in, which basically means that we stay through thick and thin with the companies that we have selected to be a part owner of. These companies might have lagged in performance, but it has no bearing on their attractiveness in our eyes. The collection of companies that we own, are fine businesses that has yet to show its true value. As the Benjamin Graham once said, “The market can stay irrational longer than you can stay solvent”, we take our tasks seriously and do not have any margin at all. In addition to that, we keep certain amount of our capital in cash, to seize opportunities when they arise. Probably, you have already guessed that our collective view for the markets and many securities, at a current time is that they are being very overvalued and frothy. We believe that some sort of market correction seems imminent, though we are agnostic as per the date for that event. We have time, and we are waiting. Just be sure, that when the time comes, we will be ready to load our vaults.

On a personal note, you can find the most favorite ideas published on, where I am a regular contributor. The link is here: From here you can go to my articles tab, which is located on the left side of the page.

Also, please check my blog where, I publish articles on general topics of personal finance, investing, investing philosophy and other interesting topics. The link is here:

You should also understand that, we will be providing updates at quarter ends only, so that we all have certain yardsticks to measure performance. And, you should also understand that I can’t guarantee that results will always be positive, as I don’t know what prices of stock will do the next day, next week or even year.

But, what I do know is that businesses we have taken positions in and will take in the future, will become substantially more valuable in the next 2-3 years of our involvement. Please don’t hesitate to get in touch with me if you have further questions.

Talgat Akhmetov

Friday, July 3, 2015

Importance of Risk Management in Trading or Dumb Mistakes that I Did Recently

Well, the time has arrived for me to come clean with my latest mistakes. I plan to write a post at the end of every month, where I would share with my major mistakes and what I have learnt from them. 

There are several reasons why this might be a good idea. In the below paragraphs, I list some of the reasons and give short description for each one of them.

1) Being able to measure results, is one of the elements of SMART way of doing things. In the business of trading/investing, this comes through analyzing past trades and establishing major mistakes to learn from them to decrease the probability of repeating them in the future. I say decreasing, but not eliminating, because, we are all human beings and we will make mistakes in the future, as we have emotions that will constantly interfere with our common sense judgement.

2) Writing about my mistakes, will help me crystallize the actual reasons that lie behind the mistakes I did during the month. Thet should ideally help me become less prone to repeating the same mistakes.

3) Paying attention to mistakes, is in my view is more important than paying attention to successfull trades. The reason for that, is the belief that by minimizing the mistakes that incur will eventually help the ultimate goal of growing capital.

So, let's dive in and see what mistakes helped me stay poorer in the month of June 2015,

Mistake #1: Not cutting losses as soon as possible. Or in other words not having a disciplined approach to exiting the trade.

This mistake undoubtedly is a deadly one. If there is one deadly disease that can kill a small time retail investor, with limited resource base, this is it! This is a mother of all diseases, that MUST be avoided at all costs. Ok, it might sound melodramatic, but truth is that cutting losses is the tool that any investor has to utilize, especially retail investors such as me. We are trying to make a living from markets, that's why it is essential we have a dry powder at the beginning of a new day to fight for the income. As the famous saying goes, one has to stay in the game to stand to fight another day. There is always a new day, with new opportunities, that will give to a patient investor plenty of opportunities to profit. 

Example: I have bought AAPL Jan 16 LEAPS, but overstayed the decline in the price of opton calls. I should have exited the trade the minute it had reached no more loss territory! But...I didn't, and as you have guessed, it made me suffer a lot.

Mistake #2: Being not patient with trades. That is right. This is in the class of major mistakes that should also be avoided at all costs. The next mistake below explains in detail the algorithm of the correct trade, and shows the ways the successful trades has to be executed. And to do that successfully, I have to learn to be patient with my ideas and not rush for the first idea that came to my mind. I have to search for ideas that are around their major support and resistance levels, where I can place my NMLPs and define the risk level.

Mistake #3: Not having an exit strategy. Before entering the trade, I have to have two numbers written and prepared. First is the entry price, that has to be based on the price of my risk level. The risk level is the price that I call “ No More Loss Price” or “NMLP”. So, before entering the trade, I have to define the amount of capital that I can stand to risk (for instance in the case of options - $200) then determine the position size (number of shares of contracts), then only search for a suitable entry price. The entry price has to be around major support levels, that theoretically might give me an upside with a determined risk level. After having established the NMLP, the amount of capital to risk, and entry price, I can start the trade. Then I should hope for a move in the direction of my bet. It does, then I should aim for 5-1 reward to risk payout, and at least 3-1. However, it all depends on the situation, and if I suspect the price might move in the opposite direction, I should close the position in the green. The same thing goes for the moves at the loss level. In case, I am convinced that the stock might move lower than my loss level, I should close it before it hits the NMLP.

Example: Let’s say that WMT is trading at $72, with a major resistance level at $70.50. So, at $72 the most it has to move $1.5 to hit a resistance. My NMLP has to be placed at around $70.50 level. And considering the fact that my risk for capital is $200, my position can’t be more than $200/$1.50 = 133 shares! (or 133*$72 = $9576) According to my risk to reward ratio of 1-5, I should expect a gain of $200*5 = $1000. For this scenario to come to life, the stock price has to move more than $1000/133 = $7.51 and reach $7.51+72 = $79.51

In this example, I am using a common sense way of first identifying the resistance level that the stock might fall to, and then I calculate the most amount of capital that I can risk for this trade. However, in the daily trading, I tend to cling to favorite stocks, rather than search for companies that have moved closer to major resistance and support levels. This is what I should focus on.

Well these are some the mistakes from the month of June 2015. Please share your mistakes from the month of June, that you incurred in your trading/investing processes.

Wednesday, June 24, 2015

What is long term investing? What does it really mean, when someone says that he is a long term investor?

Here, I have to start with a little reveleation. I am a full time retail investor/trader/speculator, who receives my salary from the market. I trade and invest, to be able to cover my familys expenses on a monthly basis. This is a unique situation, in that many people are not full time traders, because most of the market participants are either passive investors through various means, while others have full time jobs as a primary means of income. In my case, it is much more different, and I solely depend on my actions in the markets.

So when I publish a material in here, I don't do it half-heartedly, I write things that genuinely interests me. That is another reason, why I don't publish often here. I have to work, by work I mean I have to analyze and trade stocks on a daily basis. It takes a lot of time and energy,  plus I have family responsibilities.

Recently, I have been re-considering (polishing) my investing strategy and thinking about the ways to maximize my earnings. And to do that I follow many different news outlets. In one of them I had been confronted with a person, who insisted that I can't call myself a long term investor. So it got me thinking about this topic. What is the exact definition of long term investor, and why I might not fit the description of a long term investor.

Well, as I have a trading account, I also have an investing account, that I use for longer term opportunities. In the trading account, I don't even consider myself as an investor more like a speculator. On the other hand, in my second account I do analyze companies, and put heavy emphasis on the uniqueness of the situation. So, I guess, it doesn't matter how long one keeps his positions, but what is the mindset of an investor, when he makes a decision on buying or selling. I firmly believe, that wonderful companies, that are bought at right pricess and held for longer time periods make the most sense, but I am not chained to one certain idea, if I have found a better idea somewhere else.

Twitter - What's wrong with the business, and is it fixable?

Twitter has been in the news a lot lately. The reason is simple. Company has permeated so much to the lives of people, that any issue gets to be focus of mass media.

What's wrong with the business model?

The business model of Twitter is pretty straightforward, and it is based on advertising revenue. One of the main drivers of a successful advertising business is having a growing base of unique users or visitors. Hence the fallout of Twitter with investing community. Twitter has been losing traffic for the last couple of quarters. There are major issues in active use base as well. Many people just don't participate in the active twitter life style.

But why?

Well, it seems to me that Twitter has not yet identified its mission, and that is the major problem, Why would a person use a Twitter service? For communication, for news, for entertainment or anything else. I use Twitter for news, but its cumbersomeness actually repels the service. I am no longer involved in the service, as I can't follow up with the twits that fill my newsline. One solution  for me would be classification of the twits according to the themese that are the most interesting to me.

The other problem that Twitter has is the lack of interest from the younger generations. It is really a service that has a lot of information load, and in this time of our life, many people are not just interested in the news. People need customized news.

Well, third element concerns the execution of ideas. Management of Twitter has been under constant scrutiny for the issues at the company. Maybe, new management will have better ideas and better execution capabilities. For now, I would strongly advise to stay away from the stock.

The Future of European Union

As of late, we have all been observers of the drama around the Greek situation. Main gist of the drama is around Greece and its ability to pay off its debts to its creditors. The drama has been a constant theme of speculation from at least 2011.

Major participants from the Greek side are politicians. The future of the Greece in hands of these elected offials. But why does the politicions have so much power in determining the fate of one country. Why can't the business community of Greece take part in the discussions. As far as I know, the conditions set by the creditors committee include many elements that concern both the business community and main street.

Well, I am just a regular guy who has an intense interest in having a strong Europe and united Europe. After the recession of 2008-09, the world economy is just getting its pace. And we desperately need to work together to have a better future for all of us. Therefore, I really wish that the current impasse will get resolved and we start focusing on real issues, like corporate earnings and growth of the overal economy.

Thursday, June 18, 2015

3 New Additions to My Long Term Investing Portfolio: United Pacific Corp., Wal-Mart Stores. Inc and Chevron Corp.

Here are two new additions to my portfolio:

1) UNP - BUY @ 101.20
2) WMT - BUY @ 72.73
3) CVX - BUY @ 99.74

As I have noted in my previous posts, my strategy in picking stocks is simple. I try to find quality companies that have been shoot and left for dead, for reasons that should not matter much in the long term. Companies has to have certain moats, that will help them overcome current business related issues and ride out the unfavorable macro environment.

It is a new thing for me to publish publicly my picks, but I am willing to put my record on public, so that I can invite feedback from interested parties. I think, healthy dose of discussion will never diminish the value of independent thinking that I cherish a lot.

I am not going to state my thesis on purchasing these securities in a current post, but I promise to publish the main points in the near future.

Sunday, April 5, 2015

Kraft-Heinz Merger

On March 25, Kraft and Heinz announced about their merger that would close by the 2H2015. The deal structured very creatively (as usual with BRK and 3G combination). The question for shareholders of Kraft before the annoncement is simple. They can either keep theri shares (which will be exchanged with 1 share of combined company plus special cash distribution) or they just sell the stock before or after the cash distribution.

The real question is for people who were not shareholders before the announce is does this newly annouced company have a potential to become a good candidate for successful investing. I have been researching the topic and came to a conclusion that though the deal seems a bit pricey, one has a good chance of making a nice 10%-15% return on an annual basis by investing in the newly formed Kraft-Heinz company.

Here is an excellent write up by The Brooklyn Investor on the merger of Kraft and Heinz:The Brooklyn Investor: Kraft-Heinz.

Wednesday, April 1, 2015

Q1'2015 - Fund Performance Results

During the 1st Quarter, the assets under my management grew by 16.9%, while the S&P 500 Index mostly stayed flat.

General Partner Return Q1'2015 (%) = 16.9% (gross)
General Partner Return YTD 2015 (%) = 16.9% (gross)

Importance of staying in the market vs. timing the market

Often times, after we purchase a security with a sole intention of cashing out with hefty gain at a later time. The stock price immediately starts its slide in the opposite direction of our position. Personally, I have had this experience many times. And what is interesting, is that the same pattern gets repeated often enough that I decided to analyze the situation and once for all decide what kind of steps I should take in order to have fewer losses.

Here are my thougts in regards to this crucial issue of timing the trades. Every investor has his own time horizon for holding the trade. Some people dedicate mere seconds, minutes while some dedicate days, weeks or months. There are rare group of people, who dedicate years until they make a decision to part ways witht the company. The latter approach is suitable for people with large asset base, but not much to retail investors (like me). This is very important distinction to make, as it has a direct impact on the emotional state of an investor to the underlying movements of the stock prices.

For a market participant, who trades intraday, and can only dedicate 3-4 hours for the transaction, every tick of the price has a direct impact to his bottom line, than to a person who holds his positions for weeks. The former participant, hopes to achieve small gains, by executing more transactions. While the latter participant is hoping to make bigger gains by waiting out bigger price moves in the underlyign security. To achieve this results, he is foregoing many more opportunities.

The two approches described above are different in some aspects, but has one goal in common, which is making money. The former approach has limits in the time dedicated to the fullfillment of the transaction. As the saying goes, market can stay irrational longer that an investor stay solvent. That's why it is important cut losses as much as possible.

In my experience, there were a number of mistakes, that repeated many times.

They are, in no particular order: (1) no cutting losses, or not having a strict stop loss philosophy for each trade, (2) having a huge positions (with margin), that has a negative effect if the position moves in the opposite direction, (3) buying and selling too much (overtrading)

These are some of the mistakes, and they directly come from not having a clear path for each trade and mixing speculation with investing.


Monday, March 2, 2015

Nasdaq at 5000!

Well, the most discussed topic of lately has been the Nasdaq hitting the 5000 milestone after nearly 15 years, the last time it hit the mark.

The reason for the discussions has been whether stocks that are included in the QQQ ETF are in bubble. Some analysts, and experts see it as a bubble, some other don't. Personally, I don't see the reason why the QQQ might be in the bubble territory, because the companies that are included in the QQQ are different than the last time.

On the other note, it should be perfectly sensible that QQQ is reaching higher valuation marks, as the companies in the index are making more money. Their earnings, cash flows are growing, as well the balance sheets of these companies are in better shape than before, Capitalism is a system of adaptability, where each economic agent learns something new after each crisis and recession. Hence, tech companies have grown and matured since the times of dot com bubble in the late '90s.

Finally, the issue that this milestone is being talked actually shows that people are concerned and anxious. This in some ironical way, actually proves that markets in general and QQQ in particular is not in the bubble territory. Because, the bubble form when the state of euphoria sweeps so much that even people who shouldn't be trading stocks start doing it. Analysts start picturing even rosier pictures for companies. However, I am not seeing such action at a current time.

Friday, February 13, 2015

More Action Doesn't Neccesarily Lead to Better Results in the Field of Investing

In general, as we grow up, we are given a standard set of pieces of advice. One the most hackneyed piece is about working hard to achieve success, mostly in reference about monetary rewards,

Broadly speaking, I agree 100% that hard work is important in any field, if one is serious about achieving extraordinary success. And, the term of hard work ussually means spending mroe hours practicing a routine, and taking massive amount of action (in general).

However, the field of investing demands a different set of rules for success. More action  doesn't necessarily lead to better results. On the contrary, it might lead to disastrous results.

This might seem a contradictory statement, but, let's deep a little deeper to test the validity of my statement. First, let's define the true menaing of the term "investing". Investing is laying capital now, so that to receive more capital later. The ley items here are, when and how much capital are getting back. These are important considerations. However, they are out of scope of this article. Let's return to the question of obtaining more capital that was invested.

To achieve a commensurate return on invested capital, one has to take some action. The action is to find an object of investing, in our case a suitable company with a growth potential (profitability) at an attractive price point (not expensive valuation). Once the object is identified and passed a quality control, one has only do second step, which is taking a share in this company and expect the market to value the chosen company higher. This happens, because the company we chose will grow its profitability. So, it seems pretty straightforward. So the only thing to do next is kick back and relax.

But, does this show the real life experience of real maket participants. Absolutely no!

Most of the market particiapants, see the market action to invigorate them with ideas which lead to overtrading, This is the premise, that makes people forget that stocks are not just tickers on the screen, they represent shares of companies. It is really difficult to find a suitable company to invest, let alone do it on a daily basis. For me, it is important not to lose focus on many companies, if I found one or a few companies, then it important to buy as much stakes as possible in these nuggets and let the markets work its majic. This way requires anti-action from the participants, and seems to too easy. However, it is really not easy to just sit and do nothing, while all around seem to be taking more action day by day. But, this is the most correct way to invest, at least in my opinion.

The steps described above might seem to be too simplistic, and they mostly are. These steps were of illustrations only. If anyone has any quesitions, please do send me your questions. I will be happy to elaborate more about each of the steps described above.

Thursday, January 29, 2015

What is the Allure of the US Dollar?

In the last 5-6 months, USD index has risen a lot in comparison to other major curencies. This has puzzled me, as I analyzed that the QE1 and QE2, should have made the value of greenback to fall. However, on the contrary the vakue of dollar has risen.

I see several reasons for this phenomenon. 

First, it is macro stuff. The economies of major countries is in freefall, and governments all around the world are trying to weaken their currencies so that exports become more competitive.

Second, the political uncertainties, happening around the world, investors ususally try to park capital in US Treasuries. What does one need to purchase treasuries, he or she has got to buy US Dollars (!)

Third reason, and the most important reason that I see, is the dominance of US based companies. When you go outsied, please have a look around. What people are eating? KFC, Burger Kings. What people are wearing? GAP, Old Navy, New Yorker, Tommy Hilfiger, Victorias Secrets. What people are using to communicate? Iphones! What people are using to drive? Fords and Escalades. So, what happens when people spend their disposable income for the products of US based companies. The sales are converted into US Dollars, because, these companies operate in US Dollars.

These are simplistic reasons that at least explain the phenomenon. Thirs reason, has many implications, that I will open the topic later. But, for now, let me state this: Politicians should stop telling people lies, and talk about the whole BS conspiracy theories of US and others. This is plain and simple, US has a system in place that is working, US has a system that has a capacity to unleash human potential.

Just to give a better idea, please see this link to the 1Q,2015 Report of Apple Inc. This is a companye, that is growing like a mad. The reason is that company is investing into both human potential and technology. That shoukd be a lesson for all countries, that are whining about the US currency hegemony. But again, it is always easy to lat the blame on others than make necessary steps to correct real problems.

Markets are down considerably - what to make out of for DGI fans?

Markets are down considerably in the last couple of days, or maybe weeks. I have not checked the exact data, but anyone can go to and get the factual data about the market movement as of late.

My question for this article is, what should a DGI fan to do when markets are in taispin?

The short answer is "nothing". What do I mean by that?

Well, as a person who has chosen to become a real investor, instead of a pseudo-investor (ie traders of all sorts), we have a great advantage, which is time. Simply put, we have a tool on our side that has a capacity to make or break true results. Over time, every business that earns money and puts back some of it in the form of retained earnings, has got to grow its capitalization.

In any case, the on ly question an investor should ask if this is an opportunity to add to his positions or new positions to his portfolio. Ina true sense, the downward movements of stocks are good. They should frighten us, on the contrary we have to use these moments to make money.

Therfore, one thing a DGI fan should do is take his spare capital and put it to a use.

Wednesday, January 28, 2015

When To Take Profit In A Stock?

When one should decide to sell the stock? This is one of the mostly sough after questions. Different people use different methods, and try to make a living.

Also, we should make it clear: being in the black, i.e. having gains to think about is a nice problem to have. As Mae West says, "Too much of a good thing can be wonderful", having too much profits might can be wonderful, for anyone.

Here is my perspective on the question of taking action in selling a position.

Taking action and not taking any action, are actually equal in the their functionality. A person who takes action to sell, is takinga real action by stating that the position has more downside risk (in case of long), than an upside move potential. On the other hand, a person who decided not to touch the position, states that the stock has more upside than a downside.

An investor, has to consider the time horizon he is considering to hold the stock and the respective gains he can receive. In any case, a person, who considers that a stock will move higher, has to consider a new target to be reached and think about selling then.

But, if a an investor sees another opportunity that might provide a better optionality in the direction of his trade, then he can also consider selling the position.

Another factor to consider the valuation of the stock. Once  the stock reached a certain valuation, then it might become not an attractive holding. As one of the investment gurus, said, a stock at a certain price is a buy, and at another price it is a sell. Therefore, if an investor consider the stock reached an unattractive valuation then he might consider selling some of the position, and holding to some of the position. This matter should be considered by the investor, abd he should take into his personal circumstances.

For me personally, when I hold a stock and have gains to be taken, I ask myself a question, whether I would buy the stock at a presrt price, if I didn't have a position in it. If my answer is definitely now, then I might seriously consider selling the position altogeter or sell some of the position.

Hope this information might help to my fellow investors.

Doing Nothing is Doing Something - Holding AAPL

Investing as well the best things in life, should be simple. However, simple doesn't mean easy. The most difficult thing is to hold the shares and watch how it is being sold down. It is not easy, trust me. 

But, AAPL is an interesting company, that it knows how to shock the wider audience. Being a long time shareholder, I was galdly shocked byt eh last nights results. Company seems to be doing everything right. Most people, have been blaming AAPL that it is a one trick pony company, however, many people don't realize that producing the best possible phones are not easy. One has to know how to sell them as efficiently as possible. AAPL has opened many more stores in China, and is planning to open many more stores in the future. How can a company, that sells phones for much higher ASP, succeeds to grow in China?! No matter what naysayers say, AAPL is a real BEAST!

One conclusion, that come to my mind, is that one has to just buy it and hold it. Over time, AAPL will make do good to its shareholders.

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