On Saturday, I wrote a post entitled: Just A Friendly Reminder: If You Sold Your Apple Stock In October, You Were, In Fact, An Idiot
A few hours later, my TechCrunch colleague Robin Wauters took a shot at it with: Selling Apple In October Wasn’t The Best Move, But Not Buying Google Was Worse
I was going to respond yesterday, but figured I would wait a week or so until the market proved this point was silly. Turns out I only had a wait a day.
After a 27-point (just over 4%) plunge today, buying Google’s stock with your Apple proceeds all of a sudden doesn’t look so hot. Apple’s stock, meanwhile, once again hit a new all-time high today (before closing down a tad).
While Robin was trying to make the point that you can’t predict the future — you didn’t have to. As I wrote in my post, Apple’s own executives were predicting this coming quarter to be a record one. And if you know Apple, you know they would not have done that unless they were damn well sure it would be (and then some). So holding on to your Apple stock was the right call as we’re seeing now (and as we’ll continue to see). And those people who sold in October were idiots.
Unless they bought again when it bottomed out in November, that is. Then they’re geniuses.