Apple Would Be Worth $1 Trillion If Market Valued It Like Steve Jobs-Run Company: Analyst

In a note that made waves this weekend, Global Equities Research's Trip Chowdhry recently shared his displeasure with Apple Inc. (NASDAQ: AAPL) management. "Tim Cook and the rise of Bozo Culture at Apple has destroyed $486 Billion of potential shareholder value," he wrote.

Here are nine key quotes from Chowdhry's thesis. Of note, Apple shares are down 2.3 percent in early Monday morning trading:

• "Apple urgently needs to institute a "No Bozo Policy"...Investors are increasingly getting concerned about "Bozo Explosion" at Apple."
• "Apple needs a new CEO: Jonathan Rubinstein, the father of iMac and iPod, Board Member of Amazon.com and a close associate of Steve Jobs...Tim Cook can go back to his Operations role."
• "Apple needs a new CFO: Fred Anderson, he was CFO during Apple's resurrection under Steve Jobs...Luca Maestri can go back to his Accountant role."
• "Apple does not need Angela Ahrendts, completely clueless for an "At-Scale" job, a misfit for a role at Apple."
• "Under Tim Cook and Luca Maestri has been trading at massively depressed 11.5x PE multiple...Under Steve Jobs, Apple Stock traded above 20x PE multiple and consistently above the S&P 500 (the Market) PE multiple." (Graph above explains this concept.)
• "Apple's Market Cap would be $1 Trillion, if Apple Stock traded at the S&P 500 market multiple, like it was during Steve Jobs."
• "Instead of focusing on PE Expansion of Apple, which currently is 1/2 the PE market multiple of S&P500 and is costing investors more than $480 Billion of potential shareholder value destruction, Cook has been foolishly arguing with Charlie Rose over $40 Billion in taxes on 60 minutes."
• "Why is Apple's PE multiple so Low?...Tim Cook has no vision."
• "Apple beats quarterly revenue and earnings estimates handily, but lowers the guidance, and Apple keeps repeating this cycle."