This Fund Manager Hates Apple
J.C. Parets of Eagle Bay Capital is no fan of Apple Inc. (NASDAQ: AAPL).
Speaking as a guest on Thursday's edition of Benzinga's PreMarket Prep, Parets said a Tweet he sent out to his followers didn't receive the kind of criticism it would have gathered in the past. The Tweet simply stated, "I think $AAPL is a great short"
"When you say negative things about Apple, you want to get that hate," Parets said. "But you aren't getting that in Apple because Apple has just been crushing people."
He added, "Instead of all the haters coming in... it's more like... yeah... he is probably right."
Parets said one of the things that Apple "does best" in the current environment is "lose market cap."
Parets continued that the overall market is in bear territory and many Apple investors that bought the stock a year ago have since been caught. In fact, he's been arguing there is no reason to be owning Apple's stock as far back as January of last year.
As such, there a lot of "angry" investors and a lot of overhead supply in the stock that are "just waiting to sell to you at any rally."
Bottom line, investors have become "accustomed to losing money in Apple."
Shares of Apple traded down more than 2.5 percent to $90.09 on Thursday.
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